Updated 11/08/2010 06:39 PM
SXSW brings $113 million to Austin economy
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A financial report from Greyhill Advisors shows
South by Southwest brought $113 million to the city of Austin this year.
With over 190,000 in attendance of the 10-day interactive, film and music festival, the revenue brought in, city leaders are taking notice.
"That's something that no one can ignore. Whether or not you're interested in music or film or technology, you've got to respect that number, and certainly those of us at city hall do," Mayor Lee Leffingwell said.
According to the report, $84 million came from festival attendance, mostly from out-of-town attendees.
Click here to view the 2010 South by Southwest Economic Impact Analysis by Greyhill.
The interactive portion of the festival has seen the largest growth. It includes emerging technology, a trade show and new video games and mobile applications.
Restaurants, hotels and car rentals were just some of the growing businesses benefiting from the event.
"We didn't actually see a huge surge in attendance, but what we're finding is folks who are coming are staying longer, and so I think that's because with the different disciplines folks are seeing value," Ben Loftsgaarden with Greyhill said.
The festival is also an important branding tool for the city.
"It's just great energy. It's great for spawning the creativity, the convergence of technology, music and film. Stuff that this city is so well-known for," City council member Randi Shade said.
City leaders hope reinforcing that image will ultimately attract not just visitors but businesses as well.