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Rae Baker said it was the right time to "pass the baton on ... there's nothing more to it".
Next year's festival will be held from June 18 to 21.
This year's festival garnered plenty of online attention after reaching an audience of more than 119million people, Ms Baker said.
Early estimates point to a 33% increase in "media reach" on last year for Destination Queenstown's flagship festival.
In total, this equates to about $1.7million in advertising dollars.
The audience figures put the event on the map as a "global festival" with a lasting future, she said
"It proves the festival has longevity, and is an integral part of our community and who we are."
Almost 45,000 people attended last year's festival and $4.4million was brought into the district during the four days.
This year's numbers are still being calculated.