Beach Vibes was set to take place in Riviera Maya in late January (17), with LCD Soundsystem, Hot Chip and Run The Jewels billed to perform.

But organisers have scrapped the event, stating, "It was not coming together in the way that it was envisioned."

"All parties have agreed that putting on an event that is less than 100% would be a disservice to the fans and bands alike. Therefore, cancelling the weekend-long event is in the best interest of all involved."

There are no plans to reschedule the event.

LCD Soundsystem recently cancelled their tour of Asia and Australia to reportedly work on their new album.