The company claimed that the savings will enable it to double its spend on flagging up the health credentials of its veg pots, smoothies and squeezies.
The Fete activity, handled by experiential agency Sledge, began in 2007. It replaced Innocent's Fruitstock free music event, which it had run for four years.
The Village Fete was a family event held over two days in Regent's Park, London, which attracted 50,000 people in its first year. The final Fruitstock concert, held in 2006, attracted more than 150,000 people and raised £35,000 for charity.
'People are expecting us to do things a little differently,' said Innocent marketing dir-ector Thomas Delabriere. 'We ran Fruitstock for four years and the Village Fete for two years, and we felt it was time for something else.'
Next month, the brand is to launch a £1.2m TV advertising campaign, its first TV activity since January 2008.
Last month, Coca-Cola invested £30m in a minority stake in Innocent believed to be between 10% and 20%.
Analysis: Innocent's big moment,
Village Fete (ticketed - paid for, non-profit)
- 2007: 50,000
- 2008: 40,000 (Innocent claims attendance was hit by rain on the Sunday)
Fruitstock (not ticketed)
- 2003 (first year): 30,000
- 2006 (final year): 150,000+