Major tech and cultural festival SXSW Sydney announces exit from Australia

Renowned arts, technology and culture festival SXSW Sydney has been cancelled after a three-year run.

Organisers confirmed in a statement today the popular festival, once billed as the "Olympics of events" for creatives, would not return to the NSW capital city this year due to a "changing global environment" impacting major events worldwide.

The organisation said it had worked with the NSW government and SXSW owners Penske Media Corporation to "explore potential pathways forward" but ultimately "prevailing marketing conditions" had stopped the event from going ahead.

READ MORE: Author launches defamation proceedings against SA premier

READ MORE: A video of a parking hack went viral. Copying it could land you in jail

Over the past few years, the festival boasted a range of high-profile international guests including Nicole Kidman and The Kid Laroi.

More than 345,000 people attended last year's festival, which represented a 15 per cent increase on the previous year's attendance.

Event organisers said the festival generated $276 million in cumulative economic impact over its three-year run.

The announcement was met with sadness from fans on social media this morning who praised the event as "fantastic" and a "highlight" of the Sydney events calendar.

READ MORE: How your job influences how much alcohol you drink

READ MORE: RBA governor takes stand against Donald Trump

"Every great story has a final page," event organisers said on social media.

"It's bittersweet to be saying goodbye while the momentum is so high.

"We're walking away knowing that something special happened here.

"We couldn't have asked for a better community to share this journey with, or a better city to call home."

Event organisers said they would work closely with staff members to provide appropriate support following the cancellation.

DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.