It wasn’t for lack of trying or not being able to attract star power. The US Festival, which debuted around this time back in 1982, had plenty of the latter with tons of music royalty on the list:
Yet despite securing a grade-A lineup and crowds in the hundreds of thousands, US 1982 lost a shit ton of money and the follow-up the next year hemorrhaged even more dough. As such, the festival was laid to rest. But you can argue that landmark festivals like Lollapalooza and Coachella may not exist without US.