Promoters MCD also admitted to being unable to meet the financial demands of suppliers.
A statement on the festival website reads: "It is with regret that MCD announce that Oxegen will not take place this year due to lack of suitable headline acts which combined with the financial demands by local agencies make it no longer viable to stage the festival in its current form."
Last year’s event headlined by Snoop Dogg, Calvin Harris and David Guetta was cut from the usual three days to two-and-a-half days. It attracted 50,000 music fans.
In its heyday the festival attracted 80,000 people to Punchestown Racecourse, where it has been held since 2004.
Oxegen had a break in 2012, but returned last summer with a focus on dance acts to differentiate itself from Stradbelly’s arts and music festival Electric Picnic.
The latter features a line-up including Outkast, Pet Shop Boys, Beck and Lily Allen for this summer.
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