The Jane's Addiction frontman co-founded the festival in 1991 as a relatively small celebration of alternative, indie and rock music. But it has since expanded into an epic four-day event in Chicago, Illinois that has diversified into more genres of music, with a growing focus on electronic dance music (EDM) in recent years, a trend which Farrell is embarrassed by.
"I hate EDM. I want to vomit it out of my nostrils," he told the Chicago Tribune. "I can't stand what it did to what I love, which is house music, which was meditative, psychedelic - it took you on a journey... I sometimes cringe at my own festival."
Although he hates the genre, Farrell, who still has input with artist bookings, admits that you can't ignore it if you want to hold a successful event.
"You'd have to do away with pop to escape it, and if you want to do a festival you can't do away with pop," he adds.
After 25 years, Farrell is now moving on from Lollapalooza with a new music project which he is keeping largely under wraps until its expected launch in 18 months time.
"The only way to change things is by changing things myself," he continues. "At my new project, there will be great house music. I hope I will keep EDM at the door. They will be turned away.
"It will be music-centric, I'm going to make a new scene, a new place, a different feel. Music will be at the heart of it, but it will be a completely new experience. That's all I can tell you."
The 25th anniversary edition of Lollapalooza takes place at Grant Park on 28 to 31 July (16) and features headliners including Lana Del Rey, Radio Head, Major Lazer, Red Hot Chili Peppers and Ellie Goulding.