SXSW canceled, Austin says goodbye to $350 million

SXSW, Austin's annual festival for music, tech, business, art, and culture was canceled because of the spreading coronavirus. By the festival producers' own calculation, SXSW pumped $350 million into Austin it 2018, $356 million in 2019.

The Austin American Statesman has more:

The cancellation just seven days before the 2020 festival was scheduled to start next Friday comes as SXSW organizers faced public pressure to scrap it, as well the prospect of a substantially diminished event anyway because a lengthy list of companies and speakers already dropped out.

The cancellation constitutes a financial hit to downtown restaurants, bars, hotels and other businesses, many of which have come to count on free-spending attendees of the sprawling yearly conference.

It also could be a big blow for SXSW itself, a private company that has held the event since 1987, depending on its insurance coverage and how it opts to handle possible requests for refunds.

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