This year’s South by Southwest Conference/Festival has been canceled amid concerns over the coronavirus.

Austin officials made the decision on Friday just a week ahead of the popular conference and festival. SXSW said in a statement:

“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 though the ramifications of the unprecedented situation.”

The cancellation of SXSW comes as a major economic blow to the local Austin, TX economy which saw $355 million flood the city during last year’s festival.