That's the price for a "Badge", although it's a little higher now (but not a lot) than if you purchased one last Fall. There is a "wristband" program that's cheaper, but you have to be an Austin resident to get one directly. There might be 3rd party sellers of these, though. Here's the link, anyway: SXSW Wristbands.
FYI, SXSW began as a conference for the Indie music industry, and still is at its core. That's why the badge pass is so expensive. Besides the shows, you also have access to panel discussions, workshops and trade shows. Over the past several years it's expanded BIG TIME and there are LOTS of events with bands all over Austin that are not 'officially' part of the conference. Many of them are free, or have cover charges at the door, but not being part of the organized event you have to do some research to find out where and when they are. You can definitely have a good time there without the badge.
You can even get into some of the SXSW sponsored shows, but most of the performances are in relatively small venues and the chances of getting in are slim.