But HBO has now reversed its position and said in a statement on Wednesday that it was not “an easy decision” to make.
The broadcaster 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.”
Vinyl’s February premiere on HBO was watched by 764,000 viewers, according to figures from US measurement company Nielsen.
The big-budget series ended its 10-episode run in April with a disappointing season average of 650,000 viewers.
Sir Mick and Scorsese’s Vinyl is one of the most high profile series to be cancelled by HBO after only one run.
In 2012, the broadcaster also passed on a second season of Dustin Hoffman’s horse racing drama Luck.
Much-anticipated series Vinyl, broadcast in the UK on Sky Atlantic, was set in 1970s New York.
It revolved around the sex and drugs-fuelled music industry as punk, hip hop and disco were in their infancy.
Vinyl’s chief protagonist was American Century Records label head Richie Finestra, played by Bobby Cannavale.
Troubled Finestra was on a mission to save not only his failing company, but also himself.
The cast included Olivia Wilde as Richie’s wife Devon Finestra and Everybody Loves Raymond’s Ray Romano as promotions executive Zak Yankovich.
Vinyl’s breakout star was arguably Sir Mick’s son James Jagger, who was lauded for his portrayal of rebellious British singer Kip Stevens.
The younger Jagger’s profile has risen considerably on both sides of the Atlantic due to his portrayal of the heroin-using vocalist.