But residents will still be able to attend a day of celebration on the 26 July this year, with more details soon to be released.
Posting on Facebook, organisers said it would involve a “small series of events including a sound system event, dance workshops and performances, comedy and spoken word, and music” at venues on and around Church Road.
They added: “Throughout the coming months, we’ll be hosting smaller Redfest events in local venues.”
The free event is partly funded with a grant from Bristol City Council, and a mix of donations, income from the event and brand sponsorships.
Mr Webb added: “We didn’t have sponsors in place this year, we tried but nothing transpired.”
He also said they would be looking to see how the festival could be brought back in the future, and said that could involve bringing in new directors.