The Royal Edinburgh Military Tattoo has been cancelled for the second year in a row.
The coronavirus outbreak resulted in the cancellation of the 2020 event but there was hope that this year's event could go ahead in August.
However, organisers have decided the "financial risks" are "too great".
Chief Executive, Buster Howes, said: "Despite the sense of optimism around the UK's emergence from the pandemic and our huge enthusiasm to stage a performance this year, it is now clear that the financial risks we confront in delivering The Royal Edinburgh Military Tattoo, at scale, on the Castle Esplanade in August are simply too great."
Mr Howes added that "for months" organisers have "forensically monitored, assessed and sought to mitigate the constraints and uncertainties" involved in holding the Tattoo.
"However, we now reluctantly conclude it would be irresponsible to press on and to risk the longer-term financial viability of our charity, without the ability to underwrite and to offset the potential, substantial economic losses associated with last-minute cancellation obliged by changes in public health policy," he said.
Tickets for the 2021 Edinburgh Military Tattoo will be refunded in full or - for those wishing to attend next year - transferred to 2022.
What is The Royal Edinburgh Military Tattoo?
The Royal Edinburgh Military Tattoo is a series of military tattoos performed by both British and international armed forces and their bands.
It was established in 1950 and takes place every year in August on the Esplanade of Edinburgh Castle, regardless of rain or shine.
The cancellation of the 2020 edition, due to the coronavirus pandemic, was the first in the event's history.
The Royal Edinburgh Military Tattoo is also the name of the charitable organisation behind the event.
Its purpose is to "promote a sense of identity and unity", bringing together military and civil societies across the UK and the international community.
Cover image: A Piper from the Royal Regiment of Scotland at the Royal Edinburgh Military Tattoo in 2018 (Picture: MOD).