The festival, which has attracted musical acts such as Skrillex, Mackelmore and Ryan Lewis, Dizzee Rascal and Fatboy Slim, is usually held on the March long weekend.

Over the past three years it has attracted on average 12,000 patrons and is said to have generated about $2.3 million each year for local businesses.

Festival organiser Clint Pease told The Examiner that the event would not go ahead early next year.

It is hoped that the festival might be held in the second half of the year.

"We've been flat out with other events," Mr Pease said.

He said March was "far too busy" to hold the event, given that the Longford Revival Festival was on - which he helped organise - and the Foo Fighters show in Hobart.

Mr Pease said the event would also be hard to stage in March due to lack of funding.

"Major events can't exist without support," he said.

"[Breath of Life] is a solely Tasmanian event.

"It's only got one way of staying viable, and that's through sponsorship."

Sponsors have only contributed 10 per cent of the total costs of the event.

Opcon and its partners have funded the entire risk of the event since it started.

In 2012, about $1.4 million was invested into the event for a $519.20 return.

The Launceston City Council contributed $9900 to Breath of Life in 2013 and $11,250 in 2012.

It did not support the event financially this year and has so far provided no funding for a 2015 event.

A post by organisers on the festival's Facebook page on September 4 saying "we're back! #BOL15" attracted more than 1000 likes.

*The Examiner originally reported that the Australian Lung Foundation was a supporter of the event. However, it has only ever been a beneficiary