Talbot revealed he was bank rolling the venture himself, but refused to say how much he lost in the process.
The seasoned promoter added that Echo would have cost "millions" to bring to fruition.
"You can't bank on last minute sales. You can't bank on three or four thousand people rocking up in the last week because it doesn't happen."
Echo was just the latest casualty in a slump of slow ticket sales plaguing the New Zelaland market.
Kiwi crowds also lost out on SoulFest which was axed last minute.
With the move to Vector following issues with resource consent, ticket holders failed to touch the sides of a new 12,000 capacity venue.
He said people not buying tickets was a "massive issue" affecting more than just his event and had some advice for punters if they wished to see quality music festivals continue in this country.
"People need to get out there and they need to start supporting their local promoters and their local shows," he told The Wireless.
Those who purchased tickets to Echo Festival can get a full refund from the website.
-nzherald.co.nz