The American owners of the event, C3 Presents, have confirmed there will be no Big Day Out in Australia or New Zealand next year, with no set date for its return.
"While we intend to bring back the festival in future years, we
can confirm there will not be a Big Day Out in 2015," C3 said in a statement.
The first inkling the festival might be in trouble came after promoters confirmed earlier this year the event wouldn't return to Perth in 2015 after poor ticket sales.
Then Britpop giants Blur pulled out of this year's festival line-up after rumours they didn't want to share the bill with Arcade Fire and Pearl Jam.
The music event has been on the calendar for Australians since 1992 when grunge rockers Nirvana played on the first bill alongside the American rock band Violent Femmes and Aussie outfit You Am I.
"If rumours are true and there is no BDO in Oz next year this is very sad god I was there wen Nirvana tore it up #BDOmemories" one longterm fan tweeted when reports first emerged on Thursday.
The promoter of the festival, AJ Maddah, is reported by Fairfax Media to have sold his share of Big Day Out to the American company.
Maddah is scheduled to talk to triple J's Hack show on Thursday afternoon.
"Techzebra tune into triplej The Hack this afternoon for the real details," he replied to a fan who asked if the festival was going ahead.
After news of the festival's cancellation broke on Thursday, fans kept their comments running on Twitter under #BDO #BDOMemories and #RIPBigDayOut.
"Sad if it's truly the end of the BDO. Didn't always like the lineup but had 13 great days there," one fan tweeted, proving the festival has been in the Aussie consciousness for a long time.
Another fan speculated about what had happened to a festival that used to have no problem selling tickets.
"It takes rare skill & greed to wipe out a festival which, only 3?4? years ago used to sell out in hours. Gonna miss you #BDO," she tweeted.
