How much is the Web Summit being paid to move to Lisbon? They’re not saying

Updated 10.32

THE DUBLIN WEB Summit will be shifted to the Portuguese capital of Lisbon next year.

Co-founder and CEO Paddy Cosgrave said this morning that after “careful consideration” the company had decided to move the event.

The announcement comes after more than a month of speculation that organisers could shift the conference to one of several alternative locations, including Amsterdam or London.

“We chose Lisbon because of the strong infrastructure in the city, the amazing venue and the thriving startup community,” Cosgrave said in his statement.

We want (the Web Summit) to continue to grow and for our attendees to get the best experience possible. We look forward to working with the Lisbon community – they have been incredibly welcoming.”

Technology summit in Dublin
Technology summit in Dublin

Five years on

The tech conference, which organisers expect to bring in 30,000 attendees this November, was launched five years ago in the Irish capital with a few hundred industry figures.

By last year it had grown to over 22,000 attendees at Dublin’s RDS Arena. Fáilte Ireland has put the value of the 2014 Web Summit to the Irish economy at €100 million.

However the event was plagued with WiFi problems and concerns were also raised about price gouging by hotels and guesthouses in the capital during the event.

Web Summit 2014 - Dublin
Web Summit 2014 - Dublin

Cosgrave said the Web Summit organisers would “always be grateful for the support and encouragement” they received from Dublin and the Irish authorities.

When asked what financial incentives had been provided to move the event to Lisbon, a spokesman for the Web Summit told the company would “not comment on confidential commerical agreements”.

In a blog post further explaining the decision, Cosgrave said the new “state-of-the-art venue” in Lisbon, the MEO Arena, would have the capacity for more than 80,000 attendees next year.

Technology summit in Dublin
Technology summit in Dublin

Cosgrave said the company remained Irish, employing 130 people in its Dublin headquarters. It has launched a number of spin-off conferences, including Collision in the US and RISE in Hong Kong.

First published 9.33am

Lots of people want to buy troubled Kerry Spring Water

Tractor -V- Water Cannon: EU to give farmers €500m after mass protest

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting