New Zealand's longest-running music festival, Parachute, is no longer financially viable and has been cancelled.

The largely-Christian event has been running for 24 years, but this year's festival at Mystery Creek in January was its last.

"While we celebrate a great run in this country, it's important to us that we end well" said Parachute CEO and festival founder Mark de Jong.

"This event is no longer viable financially and our Board doesn't believe it is prudent to continue the event. Continuing the festival will put all the other activities of Parachute Music at risk."

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De Jong cited the "saturated" market as part of the problem, and revealed the festival lost close to $250,000 this year.

Watch a 15-minute interview with Mark de Jong about the cancellation:

Parachute CEO Mark de Jong talks about Parachute Festival's cancellation, legacy and the organisation's future. Video/YouTube/Parachutemusic

"Over the last few years, we've reduced ticket prices, slashed operational budgets, increased artist spend and done many other things to try to make this festival work; we've come to the point where we believe this festival's season is at an end. The last thing we want to do is to ruin this festival's legacy by forcing it past a natural conclusion."

He called it a "sad time" for everyone involved.

Music fans have taken to Twitter to express their disappointment with the news.

No more Parachute music festival! Because nothing lasts forever :(

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So much for going to Parachute Festival when I'm out of school and have money. #byeparachutefestival

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I DIDN'T EVEN GET A CHANCE TO GO TO THE LAST PARACHUTE FESTIVAL I AM SO UPSET

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Parachute Festival made moves away from solely Christian music this year in an attempt to broaden the appeal, including chart-topping acts like Stan Walker and Titanium.

The event attracted up to 30,000 people each year.

All pre-purchased tickets to the 2015 event will be refunded in full from iTicket.co.nz.

- nzherald.co.nz