Many of us have been transformed in one way or another by festivals. What is the true impact festivals have on the environment, the local economy, society, and the world? Why are so many festivals failing and taking huge losses every year? In 1969, Woodstock was denied a permit for their original site and had to find an emergency venue. That being, Max Yasgurs now famous dairy farm where nearly half a million people converged. That weekend, Woodstock took a loss of over $9 m. How is it possible that with all the advancements in technology, the problems faced 47 years ago are identical to that of today? Future Music, Big Day Out, Stereosonic, Soundwave are only the most recent in a long line of failed festivals. What is going wrong? What can be done better? What can be done about Ice, GHB, sexual assault and the increase in violence? How might we foster a better relationship between stakeholders to stimulate regional economies with events based tourism?