A cultural festival has been forced to shut down for good, with organisers blaming 'prevailing market conditions'.
SXSW Sydney will not be going ahead this year, ending a short three-year run.
The festival started in Texas, came to Australia in 2023, and explores technology, film, music and culture.
The event was a success Down Under with more than 345,000 visitors last year.
'Every great story has a final page, and it is with a heavy heart that we share that SXSW Sydney has reached its closing chapter and will not be returning in 2026,' organisers said in a statement.
The organisers revealed it had worked with the NSW government and its owner Penske Media Corporation to try and bring the festival back this year.
'Prevailing market conditions' were the final hurdle that prompted organisers to pull the plug.
'The decision reflects a changing global environment that is impacting major events, festivals and cultural programs worldwide,' they said.
SXSW Sydney will not be going ahead this year, ending a short three-year run
In December, it was announced the much-hyped heavy metal Park Waves music festival had been cancelled.
Scheduled to kick off in Perth in February for an 11-show Australian tour featuring metalcore band Parkway Drive, the event appeared to have fallen victim to rising costs.
In a lengthy social media post, organisers told fans the outdoor festival would not go ahead because the 'numbers' did not 'stack up'.
Concertgoers for the tour, which was meant to take in gigs in regional centres including Bendigo, Wollongong, and Byron Bay, have already been informed that the cost of their tickets will be refunded.
'We're devastated to confirm the Park Waves Festival Australian tour will not go ahead,' organisers wrote in their announcement on Instagram.
'The cancellation is due to a combination of challenges, and ultimately, the numbers no longer stack up.
'With a heavy heart, we've had to make a difficult decision. We've tried everything. We're gutted.
'We know everyone will be understandably disappointed. The ticket price and booking fees will be refunded, and more information will be sent to ticketholders via email.
Meanwhile, tour headliners, Byron Bay's metalcore band Parkway Drive, delivered their own apology to fans in a separate Instagram post - and confirmed that it was money issues that sank the tour.
'This is a message we never imagined we'd have to write, and it weighs heavily on us - Park Waves Australia has been cancelled,'
the band members announced, confirming that money issues were at the centre of the decision.
They also referred to the many Australian music festivals that have been cancelled in the last two years, including Groovin' the Moo, Changing Tides and Splendour in the Grass.