"There will be no Nobel Peace Prize concert" in 2018, said a statement from the Nobel Institute, Warner Bros Norway and the Gyro Event company.
"The decision emerges from a wish to re-think the concert format and content but also reflects the challenging financial situation of the concert in recent years," it added.
Live television audiences for the concert, which has been paid for solely by private patrons, have fallen away in the age of smartphones and the organisers said they would consider new platforms.
The Dagbladet newspaper reported that Norway's supermarket giant Rema 1000 has pulled its sponsorship leaving the organisers unable to make up for the lost amount.
The show has attracted more than 100 leading acts ranging from Whitney Houston to Lady Gaga since it was launched at Oslo's Spektrum arena in 1994.
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