The annual event brings thousands of visitors to the city for conferences centered around discussions on technology, media, sports, education and video gaming. There is also a major film festival and a music festival.

“It’s a really important event to our city in a lot of ways, tied to who we are in this city,” Mayor Steve Adler said at a news conference. “I look forward to the next iteration of SXSW when it comes back for us.”

The conference has grown in recent years to become one of the most well-known events in the U.S. In 2019, the two-week event drew more than 417,000 visitors from 106 countries. According to a report released by SXSW, the event brought $356 million to the city’s economy.