The March 11-15 event -- set amid the annual music, film and interactive technology jamboree in Austin -- builds upon the success of iTunes festivals that have become a regular live-music fixture in London since 2007.
Performances at the city's Moody Theater -- the venue of US public television's long-running "Austin City Limits" concert series -- will be streamed live via Apple's iTunes store as well as through a dedicated iTunes festival app.
While the full lineup of artists is pending, Apple said the bill would also include Australian-born country star Keith Urban and the Russian-German electro DJ Zedd.
"The iTunes Festival in London has become an incredible way for Apple to share its love of music with our customers," said Eddy Cue, Apple's senior vice president of Internet software and services.
"We're excited about the incredible lineup of artists performing and SXSW is the perfect place to debut the first iTunes Festival in the United States," he said in a statement.
The announcement signals a higher profile for Apple during SXSW, which runs from March 7 to 16 with more than 1,200 bands so far scheduled to perform at venues around Austin.