Organisers of the MFor festival have announced that it is financially unviable to keep the event going.
Its third edition was due to take place earlier this year, but it was initially postponed due to the current economic climate with rising costs, the war in Ukraine and confusion with another cancelled festival all taking a toll.
Now it has been confirmed that it will not be going ahead at all.
A spokesperson for MFor Festival said: "The festival has been faced with a perfect storm of rising costs from artists & suppliers and for event production, loss of skilled workers due to the pandemic and customers now dealing with the cost-of-living crisis.
"This has left no choice but to make this very difficult decision."
Anyone who had purchased tickets for the event his year, which was due to feature Steps, James Arthur, Tinie Tempah and Scott Mills among others, will be refunded to their payment card.
This process has already begun and organisers say that all refunds should be completed over the next 10 days.
The second MFor Festival also had its troubles as it was postponed due to the pandemic, it then had to contend with putting on a large-scale event in a climate where people weren't confident in being around others.
But it went ahead in 2021 and thousands of Swindon locals were able to enjoy Craig David, Sigala and Ella Henderson at Lydiard Park.
"The team remain 100% committed to bringing great events to Swindon and, after the huge success of Pimms in The Park at Lydiard Park in June 2022, attracting over 30,000 people, we are pleased to announce it will be back in 2023," the spokesperson continued.
"We would like to take the opportunity to thank everyone for their continued support including our partners at Lydiard Park and Swindon Borough Council, the community, suppliers, staff and most of all, our customers."
Swindon has already seen another large-scale event have to cancel with Live at Lydiard, albeit for different reasons, but the consequence is that the town has gone from having two yearly one-day festivals to none.
It also comes soon after the closure of the Oasis and its sports hall, which used to play host to some relatively well-known bands and acts, meaning the provision for people to watch live music in the area has reduced.