The Music To Know Festival scheduled for next weekend in the Hamptons has been canceled after lackluster ticket sales.

The two-day music festival, with performances from Vampire Weekend, Chromeo, The Naked and Famous and Ellie Goulding, was scheduled to take place at East Hampton Airport Aug. 13-14. Bing was one of the festivals’ big sponsors, and was in talks with Gwyneth Paltrow to perform a special set in its VIP lounge.

But rumors swirled last week that organizers weren’t able to pay its vendors, and officials yesterday said it had only sold 2,500 tickets to date when in fact it needed to sell 5,500 to cover the event’s costs.

“It is with heavy, heavy heart that we regret to inform you that the inaugural MTK Festival in East Hampton will not take place. Despite our unique vision and arranging a world-class line-up, ticket sales were not adequate to allow the event to continue. We wanted to let everyone know now before engaging more deeply,” said MTK organizers, who blamed price of tickets, the festival’s location and its close proximity to the Escape to New York Festival.

“We are also considering that the overall downtown in the economic environment played a part.”