The rumors are true: Prince is set to take the stage at the South By Southwest music conference for the first time. The Purple One is getting a specially remodeled stage at La Zona Rosa in downtown Austin, a source confirmed to HitFix.

The festival this year is already boasting music's biggest names like Yeah Yeah Yeahs, the Flaming Lips and Dave Grohl's Sound City Players, but Prince's concert will be bursting from its own seams with a 22-piece band. Prince hits the stage late Saturday night.

Furthermore, fest-goers should keep their eyes peeled for a certain awards show held during music festivities in Austin this week: His Royal Badness is slated as a "special guest" at the podium.

No word yet on how badge -holders or fans get access to the concert, stay tuned.

Are you attending SXSW this week? Peruse our list of 10 music-themed movies to watch out for here, and check out what resident HitFix movie critic Drew McWeeny had to say about two of the film festival's biggest movie premieres: horror remake "Evil Dead" and Jim Carrey-Steve Carell magician comedy "The Incredible Burt Wonderstone," both of which debuted in Austin over the weekend.

The SXSW Music Festival runs from March 12-17. You can browse a schedule of confirmed performers over at the fest's official website.