Rock the Shores has been cancelled, for this year at least.

Concert promoter Atomique Productions made the initial announcement over social media, posting on their Facebook page: "We aren't certain what the future holds for this event as it will depend on business conditions and talent availabilities."

The three-day music festival had been scheduled for July 13-15.

"Our whole company loves that event, we love that site, we're super proud of what we've done out there, this is a very, very difficult decision for us," said Nick Blasko, Director with Atomique Productions.

The Colwood festival had been held at the Westshore Parks and Recreation Centre fields.

A number of factors went into the decision, most notably getting the talent they wanted.

"On the talent side, you have lots of competition around the world, not just in our region. You've got escalating prices, you have the U.S. dollar. I think you have definitely an interesting time for events right now, there was a bit of a saturation and you've got sort of a recalibration in the festival community in general," explained Blasko.

Rock the Shores started in 2012, when Atomique Productions brought The Tragically Hip to town, and the festival evolved over the years, with changing genres.

It was cancelled in 2017, but made a comeback in 2018.

Blasko said tickets for the 2019 festival had not yet been sold.

He is hopeful the festival still has a future, even if it is a different format.

"Whether it's Rock the Shores or other concerts or other things of this nature, there is a template, there is a model, there's a willingness in the community, there's all of these things," he said.

Blasko described running the event as an incredible experience his team is grateful for.

"We don't want this to be the end, so stay tuned."

Financially, Colwood's acting mayor said the loss is pegged at more than $67,000.

Gordie Logan said $35,000 of that would have been spent renting the space from West Shore Parks and Recreation, while $32,000 would have been invested in policing.

"I'm not sure how much direct impact on local business it had, but certainly the exposure was incredible and again, bringing people into the community that may not have been here," Logan said.

The West Shore Chamber of Commerce said while they may not be accounted for, the event likely generates spinoffs for local businesses.

"Those people may be going to restaurants and bars in the area, shopping for last-minute things," said chamber president Mike Reilly.