Cvent plans to invest more than $1 billion in technology, artificial intelligence (AI), and product development as the company expands its event technology platform.
The company announced the multi-year investment July 14 during Cvent CONNECT, its customer and industry conference. According to Cvent, the event drew nearly 5,000 attendees on site in Nashville, with thousands more joining online.
Cvent puts $1 billion behind event tech
Cvent also unveiled a new brand identity at the conference. However, the larger message centered on the company’s view that in-person events will gain value as AI-generated content grows across marketing and sales channels.
The company calls that shift the “Presence Premium,” a term it uses to describe the rising value of face-to-face connection in a more automated marketplace.
“In a world where AI can generate almost anything, people are craving something real,” says Reggie Aggarwal, founder and chief executive officer of Cvent. “When the world around us is so noisy, choosing to be present is the rarest signal in modern business.”
Research points to trust gap
Cvent also released research tied to the announcement. In a commissioned study conducted by Forrester Consulting on behalf of Cvent, 70 percent of leaders said events matter more as AI fills digital channels with synthetic content.
Separate Cvent research fielded by Censuswide found that 85 percent of respondents said AI-generated content has made it harder to build trust with audiences. In addition, 81 percent said audience trust increased after an in-person event.
Platform expansion follows event growth
Cvent says its platform has powered more than eight million events and is used by 89 percent of the Fortune 100. The company also says its marketplace connects nearly 340,000 venues with more than 150,000 planners and drives more than $20 billion in sourcing volume each year.
As part of the announcement, Cvent launched the Cvent Center for Event Insights, a new thought leadership arm focused on events, hospitality, and technology. The company says the center will publish research, best practices, and industry ideas tied to event performance.
Amy Lucia, chief marketing officer of Cvent, says the brand update reflects the company’s focus on showing how live events support business results.
Cvent says the next phase of its platform will appear across its products, events, and content in the months ahead.
Cvent provides event technology for in-person, virtual, and hybrid events, as well as marketing, venue sourcing, and hospitality solutions. The company says more than 445,000 users across 34,000-plus organizations use its platform. For more info, visit www.cvent.com.
Press release submitted by Propeller PR on behalf of Cvent. Edited by Exhibit City News for clarity, length, and style.
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