Mona Foma, one of Tasmania’s largest contemporary music and arts festivals, has come to an end after 16 years.

The summer festival, which was established by the Museum of Old and New Art (Mona) in 2008, and led by artistic director and Violent Femmes bassist Brian Ritchie, has featured major names including Nick Cave and the Bad Seeds and Bikini Kill, as well as a wide array of eclectic performances and art installations.

Mona founder David Walsh described the festival as magical but said the “spell had worn off”.

“Mona Foma took us around the world. But it ends here. Maybe the end started at COVID. Maybe it’s because the last festival was a poorly attended artistic triumph. But those aren’t the reasons I killed it,” Walsh said in a statement released on Friday afternoon.

“I know that we live for experience but, more and more, I seek permanence, a symbolic immortality. At Mona, I’m building this big thing, hopefully it’ll be a good thing, but it’s a costly thing. I’m addicted to building, and my addiction got out of hand. Some things have to go before I’m too far gone.”

The permanent cancellation comes just a month after this year’s Mona Foma, which took place over three weekends in Hobart and Launceston, and featured a series of events ranging from a concert by Queens of the Stone Age, and mini-festivals on Mona’s lawns featuring artists including Mogwai and Shonen Knife, to more experimental performances by artists like Yahon Chang, who created a warehouse-sized artwork in front of onlookers for 1½ hours.

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In September last year, Mona’s other popular music and arts festival, Dark Mofo – which usually takes place during the winter months – announced it would not go ahead in 2024, with organisers citing the need to take stock of changing conditions and rising costs. Its 2023 event marked its 10-year anniversary.