For the first time in 37 years, the long-standing JVC Jazz Festival in New York will disappear. The NY Times today reports that the company behind the festival, Festival Productions, has lost its main sponsor. The jazz impresario George Wein, also known as the patriarch of all festivals, sold his company two years ago to a group headed by Chris Shields, an entrepreneur who has worked in this field before and who now blames the economy crisis for this major disappointment for the NY Jazz scene and many international jazz tourists as well.

The Festival Network presented a total of 17 festivals last year but this year could not even announce just one. The main sponsor, JVC, last month cancelled their 24 year long sponsorship with the festival simply saying that it no longer would be sponsoring jazz. The New York Times also writes that the disappearance of the festival has deprived many musicians of lucrative engagements this summer, but also that the loss of it sends misleading signals about the health of the music.

It may be a loss to the NY Jazz scene, but the jazz festival scene per se and worldwide is anything but in danger.