SXSW is the latest major event to be cancelled over coronavirus concerns.
The Austin event, which focuses on technology, music and entertainment, had seen a string of participants bail in recent days. On Friday, Austin Mayor Steve Adler told reporters that the event is cancelled and declared a state of emergency for the city.
The event had been scheduled to take place from March 13 to March 22.
Several other major events and gatherings have been cancelled or moved online in recent days owing to fears about contamination.
They include Game Developers Conference; Google (GOOGL) - Get Report Cloud Next and Google I/O; Facebook (FB) - Get Report F8; Nvidia's (NVDA) - Get Report GTC; all previously scheduled to take place this spring in the San Francisco Bay Area.
Growing fears over the spread of coronavirus and its impact on the economy have hit stocks hard in recent days. The Dow finished lower Friday after a wild session that saw it swing nearly 1,000 points.