Reports suggest that the cost of acts alone was upwards of £140,000.

The Futureheads' Richard Amundsen and Rob Deverson founded the festival in 2009, and it has since gone on to feature the likes of Dizzee Rascal, The Charlatans, Ocean Colour Scene, PiL, The Cribs, The Futureheads and Maximo Park.

Deverson said of the cancellation:

“We are so proud of what we have achieved, but ultimately the economics of live music events has left us unable to see how the event can continue. Each one of the team has invested personal cash into the festival to keep the business alive over the years, but sadly, we simply can’t keep it going.”

Marketing manager Martyn McFayden added:

“The Split team have worked tirelessly and without financial reward to put on a quality event for Sunderland, so it’s a real shame we haven’t been able to sustain it. However, to show how hard it is to make this kind of event viable, Evolution Festival will not be taking place this year and that’s a real shame for music lovers in the North East.”

You can find more details via the Sunderland Echo.

Watch highlights from 2014 below.