Web Summit Reports 30% Growth, Plans Global Tech Conference Expansion.

Lisbon, Portugal - Web Summit, one of the world's largest technology conferences, reported 30% year-over-year revenue growth, with profits reaching €4-5 million and EBITDA of €10-11 million in 2023.

The conference attracted 3,000 startup participants, with female-founded companies representing a record 44% of the total, alongside 62 international trade delegations.

Web Summit is actively expanding its global footprint. For its first event on the continent, it is engaging in discussions with multiple African ministers. 

The organization is simultaneously pursuing opportunities in Asia, holding talks with the Japanese, South Korean, and Singaporean governments, and considering a return to Hong Kong.

CEO Paddy Cosgrave noted that Asia's market size of approximately 3-4 billion people could support multiple concurrent events compared to Europe's 500 million population base.

The conference's expansion into Brazil has shown strong results, with Brazilian participation reaching record levels in Lisbon. 

The Brazilian startup WhatsApp networking group hit its maximum capacity of 1,024 members, with Brazilian companies potentially outnumbering Portuguese participants.

In Lisbon, where the event has reached venue capacity, Web Summit has implemented outdoor expansions and is discussing future growth with the new Portuguese government. 

The conference drew first-time attendance from Portugal's new Prime Minister, Deputy Prime Minister, and Minister for Economy.

The organization has introduced several operational innovations, including AI-powered talk summarization and a shift from large corporate events to curated 100-person meetups. 

These changes come amid a significant venture capital market downturn, with Web Summit noting an increase in bootstrapped startups with existing products and revenue streams.

"Web Summit fits beautifully with Lisbon, and I hope we can stay here forever," Cosgrave said while discussions about post-2028 continuation remain ongoing.