Lisbon, Nov. 13, 2024 (Lusa) - The CEO and founder of the Web Summit, Paddy Cosgrave, said on Wednesday that the summit "fits perfectly with Lisbon" and that he hopes it will stay in the Portuguese capital "forever".

Paddy Cosgrave spoke at the press conference of what is considered the world's largest technology summit on the third day of the event, which ends on 14 November.

Cosgrave said that "in the last nine years Lisbon has transformed itself".

And "the Web Summit, I would say, has played a part in that. I think the ingredients were already there, so it's incredible to have been able to play (...) possibly a small part in that," he added.

The contract signed with the Portuguese state provides for the summit in Lisbon until 2028.

"As far as 2028 is concerned, when we think of 2024, for me in technological terms, 2028 is like we're almost in the next century," he began.

However, "the Web Summit fits perfectly with Lisbon, and I hope we can (...) stay here forever," he added.

Asked what he learnt last year, when he stepped down as Web Summit's CEO following comments on social media about Israel's actions in Gaza after the Hamas attack, Cosgrave said: "It gave me a great opportunity to reflect on what Web Summit was ultimately about".

And "I think we've made the most considerable changes to Web Summit in a decade. I was able to talk to many friends who have been attending for years, many participants, and realise the essence of what Web Summit is, which is connecting people and ideas," he said.

With two more events - in Qatar and Rio de Janeiro - Web Summit's revenues have risen this year.

"We increased revenue by almost 30%, a historic record. He said it was a very profitable year, pointing out that they made “maybe four to five million euros in profit and €10 to €11 million in EBITDA [earnings before taxes, interest, depreciation and amortisation],” he stressed.

Cosgrave also said that all the big tech companies returned to the event this year except Intel and Volkswagen.

The CEO said that the venue in Lisbon is "utilising all available spaces".

This year, they are occupying the outdoor space with tables and chairs, which has worked because the weather has been sunny.

"We've been very lucky with the weather in Lisbon. It's a bit colder today, but it's still sunny. It was absolutely beautiful yesterday. And we're praying that it doesn't rain tomorrow (Thursday). As far as the future is concerned, we're always up for discussions and talks," he concluded.

ALU/ADB // ADB.

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