Venture Capital

No Sign of a Tech Downturn at South by Southwest Parties

In Austin, startups and other companies still spend lavishly, hoping to get noticed by the conference's influential attendees.
Photographer: David Paul Morris/Bloomberg

Even Tumblr—which saw its faltering owner, Yahoo!, write down the social media property's value by $230 million just last month—is partying in Austin, Texas, like it's, well, 2015. Tumblr’s Saturday night soiree had all the trappings of a big South by Southwest blowout: a legendary multi-story music venue (the Mohawk), a teen-favorite headliner (Grouplove), and bearded bartenders. But one usual perk was missing: free drinks.

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