Since 1989, South By Southwest has been an annual meetup spot for people around the world to discuss technology, music and indie films. High-profile celebrities and influential figures are also known to make an appearance here. This year, in the midst of the coronavirus fiasco, the City of Austin has cancelled their festival.

This festival will be a cultural, and financial blow to many business inside of Austin. In 2019, the festival generated over $350 million for Austin, via ticket sales, revenue streams, and through general touristy purchases.

In an announcement to their own website, they stated “SXSW will faithfully follow the City’s directions. We are devastated to share this news with you. “The show must go on” is in our DNA, and this is the first time in 34 years that the March event will not take place. We are now working through the ramifications of this unprecedented situation.”

The SXSW festival shouldn’t be totally erased off of the yearly calendar. The festival stated on their website that “We are exploring options to reschedule the event and are working to provide a virtual SXSW online experience as soon as possible for 2020 participants, starting with SXSW EDU. For our registrants, clients, and participants we will be in touch as soon as possible and will publish an FAQ.”