The city made it to the final two before losing out to Hamilton for the right to stage the multi-stage, all-New Zealand-acts festival previously held on the Wellington waterfront.
Festival organisers now say they would like to bring another event to the city in the future.
Dunedin Venues Management Ltd (DVML) chief executive Paul Doorn was "disappointed" the city was not selected as the event's next long-term home.
"The Dunedin proposal showcased the benefits of hosting a music festival in and around the Forsyth Barr Stadium precinct – a space which provides ideal conditions for a music festival such as Homegrown.
"With a strong base of festivalgoers, including thousands of students and music lovers, Dunedin remains an exciting place to host a large-scale high-energy festival, and Dunedin Venues will continue to work towards achieving this goal."
Homegrown director Andrew Tuck said nine venues were in the running to host the festival and Dunedin just missed out.
"We considered everything: geography, population, demographics, transport, flights, and accommodation.
"Throughout this process, the Dunedin proposal held firm and was in our final top two until the bitter end."
The process established Dunedin "as a city we would like to bring an event to".
"Throughout the process, the Dunedin Venues team were really great to deal with, and we hope to work with them in the future."
DVML’s bid for Homegrown came at a transitional period — Christchurch’s $683 million covered stadium Te Kaha will open next year, posing a direct threat to Forsyth Barr Stadium for concerts and events. - APL
