According to Variety, the withdrawal came about as a result of "logistical hurdles" due to an increased concern for health and safety amid the COVID-19 pandemic.
Balvin told fans he was recovering from the coronavirus earlier this month (Aug20), saying, "My message to those that follow me, young fans and people in general is to take care. This isn't a joke. The virus is real and it's dangerous."
The show will be staged at various outdoor locations around New York City that "highlight the boroughs in an exciting show," according to organisers. The prizegiving was set to take place at Brooklyn's Barclays Center with Keke Palmer as host.