Update: Superfly and Lost Lake Festival have issued a statement officially canceling their October event.

Second year festival Lost Lake is being cancelled, Amplify has learned. The Phoenix multi-day festival promoted by Superfly — the team behind Bonnaroo with AC Entertainment and played a role in a partnership promoting Outside Lands and Clusterfest — will be releasing a statement later today announcing the Oct. 19-21 festival at the city’s Steele Indian School Park is officially cancelled, likely because of poor ticket sales.

The cancellation comes after an announcement earlier this year that the long-running FYF Festival in Los Angeles was canceling their 2018 event because of poor ticket sales. Unlike FYF, Lost Lake had only been around for one year and had announced its headliners in April including Imagine Dragons, Future, The Chainsmokers and SZA, as well as Janelle Monáe, Nas, Jimmy Eat World, Café Tacvba, Young Thug, Grizzly Bear, A$AP Ferg, Third Eye Blind, Louis The Child, Lil Dicky, T-Pain, Kamasi Washington, and many more. Tickets went on sale April 27.

“In its second year, the festival will once again celebrate the Valley of the Sun’s vibrant culture through an eclectic blend of music, locally-driven culinary treats, interactive games and inspiring art experiences,” a statement announcing the lineup reads. “Lost Lake is produced by Superfly, the team behind such iconic festivals as Bonnaroo, Outside Lands and Clusterfest.”

The festival also released this video at the time of the lineup announcement.

Billboard spoke with Superfly’s Rick Farman about the launch of the festival in 2017 and he acknowledged the festival market in North America was already saturated but said Superfly’s experience in the festival space gave him an advantage.

“When you have success, other people are going to try and figure out how to have similar success,” he said in 2017. “And I think the people who do it really really well are going to succeed and the people who don’t do it really well are going to have a tough time. We’ve thought a lot about the opportunity in this particular market with Lost Lake and we think it’s a good bet to make.”

Lost Lake Festival was held last year at Steele Indian School Park, a lakefront destination in the heart of the sixth largest city and 13th largest media market in the U.S., with a large lakefront and sweeping views of the desert mountains and landscape.

“Of all the festival sites that I’ve seen, and I’ve seen a lot, I would put this up in the top echelon,” Farman told Billboard. Lost Lake Festival is co-promoted by Superfly, Stateside Presents, Walter Productions, and Coran Capshaw’s Starr Hill.

A statement detailing the reasons for the cancellation is expected to be released later today. Stay tuned to Amplify for updates.