'We’re not developing enough big acts for the future'

There are too many big music festivals and not enough big acts to sustain them, according to promoter Harvey Goldsmith.

“There are more people going to festivals than ever before, it's just there's twice as many festivals," said John Giddings, promoter of the Isle of Wight festival, who said there was an element of truth to Goldsmith’s complaint.

"There's always something down the road every weekend."

Mr Giddings said part of the problem was the lack of big acts being developed.

Whereas record companies used to stand by their artists for four or five albums, now bands would be dropped if they had not achieved commercial success within a couple of albums.

“We’re not developing enough big acts for the future,” he said.