After much speculation, promoter AJ Maddah has just confirmed the news via his Twitter.
I am devastated to have to announce the cancellation of Soundwave 16 due to poor ticket sales. I am very sorry. I tried my best. #SW16
— AJ (@iamnotshouting) December 17, 2015
Soundwave 2016 was set to feature the likes of Disturbed, The Prodigy and Public Enemy.
