The Finsbury Park festival, a regular addition to the capital's event calendar since 1996, was cancelled due to budgetary concerns after it was revealed to cost £551,000 to hold. The Story of London and Rhythm of London, will replace the event, which was subject to a Facebook petition calling for it to be reinstated.
The Story of London will be made up of around 350 local events designed to tell the story of the capital through attractions including music, film and walks at venues throughout London. Taking place throughout June, it will focus on the capital's history and people.
Boris Johnson said: "There are so many stories to tell, in so many different ways, and the Story of London will be a kaleidoscopic exposition of the city's past, present and future. It will bring together some superb attractions for visitors and Londoners, who will also be able to 'revisit' their city with fresh eyes."
As Event reported last month, Rhythm of London will be a two-day musical celebration partnered by a number of organisations including The O2's British Music Experience and taking place from 10-11 July.
A spokesperson for the Mayor could not comment on the cost of Story of London, but revealed that Rhythm of London would cost "significantly less" than Rise Festival, which attracted over 100,000 people last year.
"We think public money can be better used to fund a multitude of events and grassroots activities across London, as part of a longer longer-term aim to energise the local music scene across the capital and get young people more involved in making and listening to music," he added.
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