The organizers of the Mad Cool festival expressed their condolences to the acrobat's family in a statement Saturday, saying they "regret the terrible accident."
Spanish national television shows images of what appears to be the acrobat falling from a box suspended several meters in the air.
The organizers say they decided not to cancel the performance by American rock group Green Day following the accident "for security reasons."
Green Day later wrote on Twitter that "we just got off stage at Mad Cool Festival to disturbing news. A very brave artist named Pedro lost his life tonight in a tragic accident."
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