All Big Day Out festivals have been cancelled throughout New Zealand and Australia for 2015, according to the NZ Herald.
The music festival returned to Auckland in January this year after being cancelled in 2013 due to low attendance rates in 2012.
The Big Day Out franchise has been sold to US-based C3 Presents.
It was headlined by Pearl Jam, Snoop Dogg and Arcade Fire, and attracted near sell-out crowd numbers of more than 40,000.
However, sales for the Australian events in 2014 were sluggish after the last-minute pullout of co-headliners Blur, who were replaced by Deftones, Beady Eye and The Hives.
New Zealand Big Day Out promoter Campbell Smith announced on Twitter that the cancellation was only a "hiatus:"
— Campbell Smith (@smithitis) June 25, 2014