Job cuts add to turbulent situation for SXSW

South by Southwest is already feeling the financial shock of its 2020 cancellation, forced by the novel coronavirus.

SXSW LLC just cut a third of its 175 year-round employees, the company confirmed to multiple media outlets. That would work out to about 57 job cuts.

“We are planning for the future, and this was a necessary, but heartbreaking, step,” SXSW said in a statement, the Austin American-Statesman reported.

SXSW organizers fear the mounting losses could run into the tens of millions of…