It was one of the most anticipated TV shows of the year, but HBO have now decided to reverse the decision to renew Vinyl for a second season.

In a statement released on Wednesday, HBO said: "After careful consideration, we have decided not to proceed with a second season of Vinyl. Obviously, this was not an easy decision.

"We have enormous respect for the creative team and cast for their hard work and passion on this project."

The show was initially given the go-ahead for another season back in February, however since then, the show's executive producer Terence Winter left over creative differences and HBO's longtime programming president Michael Lombardo also left the network.

The stars of the 1970s music drama have reacted to the news with Olivia Wilde tweeting;

Former Everybody Loves Raymond comedian Ray Romano told News Corp Australia that the decision felt like a "knife in the guts";

"I was so happy to have a role like that, to be able to go to those places; I’ve never had an opportunity before like that," he said.

"It’s not that I wasn’t looking before that, it’s that nobody would really consider me. Thankfully Martin Scorsese had never heard of me before - he really had never heard of me. So he was looking at me fresh and he thought I was right for the role. It’s a big hurdle to move away, to have people think of you in a different way than the character you were playing for 10 years.

"So it was great that I at least got to do it. I got to work with some great people and do some good stuff. Hopefully someone was watching!"

Unfortunately the drama, which also starred Bobby Cannavale and Jack Quaid, failed to get the viewers with its premiere only managing to bring in 764,000 same-day viewers in America... essentially more people watched The Late Late Toy Show on our small island, to put it into perspective.

The show also had a huge budget of up to $100 million dollars and it was ultimately thought that that money was better spent elsewhere.

Unfortunate really, as this show was five years in the making, and really did have a huge amount of potential given the TV and film juggernauts that were involved.