Indian network Red FM has announced the postponement of its ‘Riders Music Festival’ due to demonetisation.

The Indian government demonetised currency notes of Rs.500 and Rs.1000 a fortnight ago in a bid to reduce counterfeiting and cash hoarding, and is in the process of introducing new notes.

This surprise move has severely affected daily lives and commercial activities across the country and Red FM is the first radio station to admit that this might act as a major hindrance in the success of its event.

The festival, which was scheduled to take place on December 3 and 4 in Delhi, was pitched as a travelling celebration of a lifestyle which combines the love of bikes and music. 

It planned to feature live performances by popular artists such as Amit Trivedi, Lucky Ali, Abish Mathew, Kanan Gill, Hari & Sukhmani, Kutle Khan, Voctronica and Local Train.

Post the currency ban and implications associated with it, organizers felt the current scenario won’t do justice to the attendees at the festival.

According to them, the core objective of the festival was to deliver a platform to listeners to relax, revive and re-ignite energies. However, with the current restrictions in place, attendees will be unable to relish the festival to its true potential.

Red FM will release the revised dates shortly as it plans to shift it to the early part of 2017.

Commenting on the announcement, Nisha Narayanan, COO, 93.5 Red FM says: “We were extremely thrilled to announce the first edition of ‘Riders Music Festival ‘ and were looking forward to its commencement. However, looking at the current scenario we felt postponing it will be a wise decision and very fair from both listeners and business standpoint.  Due to demonetisation, businesses across sectors have been impacted. The more organised retail sector which holds a big chunk of radio advertising has also been hit by demonetisation with people spending only on necessities.”