The original Australian festival institution Big Day Out is sadly facing a bleak future with huge losses this year rumoured to be between $8 to $15 million.

The 3 Australian and 1 New Zealand leg thus far have shown visibly deflated crowds, as the masses seem to have abandoned the once-number-one festival for others in a saturated and highly competitive, trending festival market.

Big Day Out’s slow decline has been thought to be lead by CEO Adam Zammit, who was handed the duties of day-to-day operations in late 2011. The Sydney Morning Herald reported that he oversaw the exit of many long serving employees, with one senior figure in the Australian music scene saying the Big Day Out had become ”a f—ing mess” and questioned whether the $5 million of existing debt – when part bought by AJ Maddah – was ever paid in full.

Only time will tell whether this could be the beginning of the end. Let’s hope not.