Held in the 18th century fortress by the Danube, the festival quickly grew in stature and reputation. From its grass roots political beginnings, over to occasional problems with financing, Exit tries to stick to its initial mission of providing relevant entertainment to Serbian youth while also bringing pertinent social topics to the forefront.
The festival was founded in 2000 by three University students from Novi Sad, Dušan Kovačević, Bojan Bošković and Ivan Milivojev. In 2000 and 2001 the festival was organized through the Students' Union of the Faculty of Technical Sciences and the University of Novi Sad. In the meantime, several NGOs and commercial companies have been involved in the organization. Since 2007, the festival has been a subject of several official and unofficial takeover bids.
UK Festival Awards 2007, together with Yourope, the Association of the 40 largest festivals in Europe, awarded Exit the "Best European Festival" award. Public from all over the world voted for about a month, and among 10 festivals, Exit won this award that was awarded for the first time in the category of the Best European Festival.