NYE In The Park festival ordered into liquidation over unpaid debts

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Music festival NYE In The Park has gone bust with the courts ordering it to wind up its operations.

Logistics company Kennards Hire applied the winding up orders on the festival’s organisers, with the NSW Supreme Court ordering ITP Music Pty Ltd to go into liquidation over unpaid debts.

The end of year festival was traditionally held in Sydney’s Victoria Park.

NYE In The Park’s financial troubles mirror many other festivals which have cancelled or gone under this year including Splendour in the Grass.

Gary Fitz-Roy, founder of Expertise Events, said there is understandable concern from the industry and music lovers that this could be the end of large-scale festivals.

“The liability that these large-scale events companies carry is enormous,” he said. “It doesn’t take very much to wobble the equilibrium or unbalance the balance sheet leading to an event that is no longer viable.”

But Fitz-Roy argues that smaller festivals are thriving including ones in his portfolio such as Lightning Ridge Easter Festival and the upcoming Robertson Potato Festival.

“It’s about creating a multi-layered event that can appeal to music fans, food fans and importantly, families,” he said.

“If you continue to host the same event on an annual basis, the only way that it will work is by offering new, unique and quality content to your audience, and the only way to do that is by developing an acute understanding of your audience and curating an event just for them.

“Maybe it’s time for people to consider multiple, smaller-scale music festivals so they can reduce their liabilities.”