Lollapalooza has also been forced to cancel by City of Chicago
Parent company AEG has announced a "mix of layoffs, furloughs and salary reductions"
Two Ultra ticketholders have filed a lawsuit against the festival
"We sincerely hope we will be able to celebrate love, unity, and friendship with all of you this summer."
The announcement follows the cancellation of the festival's 50th edition
"My goal is to build a comprehensive, up-to-date resource for anyone seeking guidance on how to stage alternative music events in this moment of significant upheaval for the industry"
The virtual festival, Second Aether, is inspired by Porter Robinson’s Second Sky
An order by mayor Bill DeBlasio has been put in place
It follows the postponement of this month's planned festival as a result of coronavirus