V Festival will undergo a change of name and expand to a three-day event as of 2018.
V Festival will be renamed next year and take place over three days.
The two-day music extravaganza has seen some of the world's biggest pop acts perform - from Justin Bieber and Jay-Z to Sir Tom Jones and Amy Winehouse - over the last two decades and has been sponsored by Virgin ever since its inception in 1996.
However, media mogul Richard Branson's company announced on Monday afternoon (30.10.17) that 2017 was ''the last'' ever V Festival as we know it.
In a statement, 67-year-old Branson said: ''V Festival has always been a special weekend for everyone at Virgin. We've been proud to sponsor V Festival for the past two decades and there have been some incredible performances on the stage. Now, after 22 very enjoyable and successful years, 2017 was Virgin's last V Festival.''
The event will continue to be held at both Hylands Park, Chelmsford and Weston Park, Staffordshire by Live Nation in partnership with SJM, Metropolis and MCD.
Next month, there will be an official announcement confirming the changes and re-branding plans.
Festival Republic Managing Director Melvin Benn has reassured fans of the festival that it will still continue to host the best pop and dance acts.
He told Music Week: ''The festivals will continue, we have the announcement later in November of the replacement name. ''We are looking forward to the new festival now, it's just something that we are incredibly excited about.
''It will very much continue to have a pop and dance focus.''
2017's festival over August Bank Holiday saw Pink and Jay-Z headline, but it was previously reported that ticket sales dipped compared to previous years, especially at the Staffordshire site.
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