She reportedly pulled out over concerns of the Zika virus.
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Lollapalooza released a statement on their website. It reads:
The power of Rihanna?Over the weekend, reports surfaced that a headlining act pulled out of Lollapalooza Colombia , which was later confirmed by the music festival organization. Hours before they were due to announce the lineup, event organizers posted a cancellation notice because they couldn't find a suitable replacement. Turns out the star who backed out was Rihanna reportedly due to concerns over the Zika virus.
"After its lead artist canceled just hours before the festival was slated to announce the lineup, and faced with difficulties in finding the right replacement, the organizers of the festival have been forced to cancel the inaugural Lollapalooza Colombia. The fest was set for Sept. 17 and 18 in Parque Simon Bolivar in Bogota. Everyone who purchased tickets will receive full reimbursement, including the service cost. Organizers of Lollapalooza Colombia want to express their deep thanks to all fans who supported the fest from day one, as well as sponsors and supporters. We hope we can come back in the future and make this first edition of the festival a reality."