Founders Entertainment Festival Project Manager Tom Russell confirmed this week the two-day beach festival proposed in Ocean City for this June has been cancelled as a result of an inability to land the caliber of entertainment initially sought.

It was with much regret that we learned of the cancellation of this summer’s proposed music festival on the beach in Ocean City. However, it’s hopeful the company and the city can simply make this a mere postponement and work toward making it a reality in 2013.

Although unfortunate, it’s important to understand it’s better for this event to be postponed than to hold it this year without significant national acts to build it around. The event needs to feature a diversity of major bands, not second-tier acts that will not draw (such as those booked for last year’s disappointing Chickenstock at Perdue Stadium). If we have to wait a year for that to happen, then so be it.

Ever since it was proposed, many in the community were skeptical over whether this event would ever happen. It seemed to be a case of too good to be true for many and largely due to the fact nothing like what was proposed has ever been held in Ocean City.

Unfortunately, this week’s news about the cancellation for this summer confirmed their suspicions, but this is an event Ocean City wants and needs in early June. It’s reasonable to figure planning 18 months out will lead to successful bookings of the household names in the music industry needed to make this a stellar event.

While impossible to confirm, the forecasted economic impact of $20 million, based off similar festivals held around the country, would undoubtedly be a benefit to Ocean City businesses during a time of year that’s largely dominated by high school and college graduates.

The idea of having diverse entertainment acts catering to a multitude of musical tastes will surely bring crowds that previously may have never come to Ocean City, introducing the beach resort to new clientele. That’s a good thing and worth the wait.