"Langerado has always put the fan experience first," co-promoter Ethan Schwartz said in a statement. "Unfortunately, during these difficult economic times, and facing a first year in a new venue, it's become apparent that we cannot execute a production that lives up to the high standards of our past events. Putting Langerado on hold was the toughest decision we have ever had to make. We are very grateful for the support of the greater-Miami community and the music community during this difficult time."

According to a press release, refunds will be processed in the next 5-7 days. For more information, visit musictoday.com, the company that handled ticket sales for the event.