West Hollywood’s Sunset Strip Music Festival’s seven year run has come to an end. Sources allegedly confirmed that after a $1.045 million loss, Sunset Strip Business Association has pulled the plug to their annual event.

Launched in 2008, the Sunset Strip Music Festival strove to “promote, preserve and perpetuate the legendary Sunset Strip music experience” through memorable performances that included recipients of the Elmer Valentine Award.

However, last year’s festival on Sunset Boulevard, headlined by Jane’s Addiction and Empire of the Sun, suffered from poor attendance and residential criticism. After the October festival, losses tripled, ensuing the event’s preceding losses of $350,000 in 2013 and $432,000 in 2012. The Sunset Strip Business Association runs the festival, funded by a fee levied on local businesses along the Strip.

The celebration of Sunset Boulevard’s musical heritage isn’t the only icon bidding farewell. House of Blues on the Sunset Strip, an iconic entertainment venue, will officially close its doors on August 7 to make room for new hotel and condo complexes. On August 3, the House of Blues shared its final show, highlighted by an appearance by Miley and Billy Ray Cyrus,  in West Hollywood after 21 years.