Plans for a free show to commemorate the 40th anniversary of the legendary Woodstock music festival have been cancelled.

Michael Lang, one of the original promoters of the landmark peace-and-love event in 1969, told Rolling Stone magazine that the anniversary concert he had been planning will not take place.

When asked why, he replied simply "Money. No sponsors."

According to the influential music magazine, Lang had initially sought to hold a commemorative concert this month in Brooklyn's Prospect Park and to include musicians like Joe Cocker and Santana, who were on the original bill.

When those plans fell through, he switched dates and had sought to hold the event in late September during New York's Climate Week, designed to draw attention to climate change and environmental initiatives.

For those who still want to commemorate the rainy Woodstock weekend 40 years ago, there are a host of other projects emerging this month to mark the anniversary.

Celebrated director Ang Lee's feature film Taking Woodstock, based on a true story of the man who volunteered his family's upstate New York motel and event permit to Lang and his fellow co-promoters, will be released on Aug. 28.

A host of albums, including a six-disc set entitled Woodstock: 40 Years On, is also set for release.