The South by Southwest music, film and interactive festival attracted a worldwide crowd in 2007 which brought Austin $95 million in revenue, according to a recent economic report.
Austin Mayor Will Wynn announced the report's results Tuesday at Austin City Hall.
Angelou Economics conducted the report specifically for South by Southwest. The firm's figure is double the $43.5 million estimated by the Austin Convention and Visitor's Bureau.
Beth Krauss, spokeswoman for the visitor's bureau, said that the city's figure was based on attendance figures from event organizers. The city then multiplied this number by a national average of visitors' spending per day. The bureau knew their estimate was broad and conservative, so they suggested Angelou to South by Southwest for a figure more tailored to their specific event.
John Rees, associate project manager for Angelou Economics, said the bureau uses the same model to figure out the revenue from South by Southwest as they do for any other convention, which could explain why the two estimates were so different.
Rees added that Angelou's figures included indirect and induced demand. He said an example of indirect revenue would include money spent at a bar during the festival, which he said is unlike any other because of the large and diverse group of people who come into Austin.
Rees said the Angelou estimate was conservative and that he expects at least $5 million more in revenue from this year's event, which runs March 7-16.
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