SXSW chief executive casts doubt on festival's future after 2020 cancellation

In a Sunday Wall Street Journal story, SXSW co-founder and chief executive Roland Swenson said he’s not yet sure how the festival will continue next year after the 2020 event was called off due to concerns about the spread of COVID-19.

Cancellation of the 2020 event — a first in SXSW’s 34-year history — may mean millions in costs, Swenson said. The Journal reported that the cancellation has already inflicted “a devastating blow” to the finances of SXSW, which last year alone delivered to the city of Austin an estimated economic impact of $356 million. That’s like hosting a Super Bowl every year.

Last year’s attendance topped out at 417,400, with many of its attendees coming from other countries. Now, it’s down to zero.

Swenson cited the fact that the festival, which began in 1987, does carry insurance, albeit without a policy that covers disease-related cancellations. He spoke of being concerned that losses may balloon into the tens of millions of dollars.

Read more: https://www.dallasnews.com/arts-entertainment/pop-culture/2020/03/09/sxsw-chief-executive-casts-doubt-on-festivals-future-after-2020-cancellation/