The co-founder of the hugely popular Web Summit, Paddy Cosgrave, confirmed that he has signed an agreement with the Portuguese government for the show to remain in Lisbon for a further ten years.
The cost to the government is €110m with an agreement that, should the show move to another city, the State is compensated to the tune of €3 billion.
This figure is based on the estimated €300 million-a-year that the show will bring to the capital each year.
The announcement was made in Lisbon today by Cosgrave, alongside Portugal’s Prime Minister, António Costa and Lisbon's Mayor, Fernando Medina.
The deal includes an expansion plan to cater for increasing numbers. Cosgrave said of the deal, "Without a larger venue this would not be possible. Even until a few months ago, we never believed it would be possible. The plans are incredible and we're very thankful to all those who have worked on them."
Berlin, London, Paris, Madrid, Milan and Valencia all have put in bids to host the technology show but Lisbon won due to the availability of more space and the €11 million-a-year support payment.
The show moved from Dublin to Lisbon in 2016 and proved popular with attendees. This year’s event should see around 60,000 people coming to the capital, cementing Portugal's reputation as a tech-friendly location with excellent start-up infrastructure and development talent.
Comments
If it does not make sense, chances are that it is dodging information and you would be wise to check the information with Google or some other search engine.
€11 million a year for a return of €300 million sounds like a good deal, if the estimate is correct.
It attracts at least 70,000 attendees to the event alone and that is not including the organisation teams, the catering teams, management and back up groups and the list goes on.
What it all adds up to is an enormous amount of revenue for Government, Hotels, restaurants, cafes and tour operators.
Government paying €110 million to host the Web summit until 2028 makes good business sense.