It will shut up shop in October...

Red Bull Music Academy is set to shut down later this year, it has been confirmed.

The platform launched in 1999, combining with the agency Yadastar to run a series of events.

Expanding considerably in that time, Red Bull Music Academy has grown to encompass festival stages, weekend-long conferences, mentoring programmes, and so much more.

A genuine force in youth culture, Red Bull Music Academy also runs a parallel online radio station, Red Bull Radio.

Now Yadastar has confirmed that Red Bull will relinquish funding of the academy, with the project set to close in October 2019.

Here's the statement:

UPDATE

All Red Bull Music Academy shows will go ahead as scheduled up until October 31st. Red Bull Music will continue, but it's future form has not been decided.

Resident Advisor has obtained a full statement from Red Bull:

After 20 years of supporting artists worldwide with its music program in a rapidly changing world, Red Bull will maintain its purpose of providing a global platform to promote creativity—but it is changing the means of delivery. Red Bull will be moving away from a strongly centralized approach, will gradually phase out the existing structure and will implement a new setup which empowers existing Red Bull country teams and utilizes local expertise.

Red Bull will continue to explore new ways to support promising and cutting-edge artists wherever they may be.

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