SXSW 2020 kicks off next week, but over the past couple of days a number of companies, musicians and labels have decided it would be safer to not attend.

Nine Inch Nails' Trent Reznor, Ozzy Osbourne, and Beastie Boys are among the musicians that have pulled out of the Austin-based film, tech, and music festival so far. Reznor and Atticus Ross apologised on Twitter for not being able to give their "Watchmen keynote" at the festival this month.

We’re sorry we won’t be giving our Watchmen keynote at SXSW this year (because we had some surprises in store!) However, it was the right decision. We will see you soon - be safe and smart.
-T+Ahttps://t.co/LTCW1GsZzb

— nine inch nails (@nineinchnails) March 5, 2020

Forbes reports that companies such as WarnerMedia, Netflix, Amazon, Apple, Facebook, Twitter, TikTok, and many others have also pulled out of the festival.

At the moment Pink Floyd’s Roger Waters, Sonic Youth’s Kim Gordon, and singer Janelle Monáe are some of the artists still due to go ahead with their keynotes at SXSW.

Variety notes that Universal Music Group has advised its staff to not attend the festival next week due to the virus. They also report that Sony Music and Warner Music Group have followed suit. A source told Variety that it's not mandatory advice, but "no one has asked for" an exception to travel to the festival yet.

Health concerns surrounding the outbreak have also resulted in a number of musicians cancelling their tours in Asia and Europe, including the likes of BTS, Stormzy, Green Day, Khalid, Avril Lavigne, Louis Tomlinson, and more.

Against Me!'s Laura Jane Grace revealed on Twitter that the tour cancellations could be down to insurance companies updating their policies to "not cover cancellations due to the virus". She writes from her own experience, adding, "I know because ours did the same."

All the bands cancelling shows because of coronavirus are doing so because their insurance companies updated their policies to not cover cancellations due to the virus. I know because ours did the same.

— Laura Jane Grace (@LauraJaneGrace) March 5, 2020