The festival organised by radio station Red FM 93.5, was to be held at Jawaharlal Nehru stadium but after postponement, the brand will release the revised dates soon as it plans to shift it to the early part of 2017.
Post the government’s announcement pertaining to the new currency policy on November 8 and the implications associated with it, organisers felt the current scenario won’t do justice to the attendees at the festival, read a statement.
“We at Red FM were extremely thrilled to announce the first edition of our new IP ‘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,” Nisha Narayanan, Chief Operations Officer, 93.5 Red FM, said in a statement.
“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,” Nisha added.