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September 2022, Virtual
September 29 2022, Virtual
Cvent has seen its revenue grow as more clients have moved towards hosting “hybrid” events offering both in-person and virtual elements, as the meetings market picks up momentum.
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The event management platform recorded a 25 per cent rise in revenue during the final three months of 2021, compared with the same quarter in 2020.
Cvent revealed the update as part of its first results announcement since it started trading as a public company on the Nasdaq exchange in December 2021, after completing its merger with special purpose acquisition company Dragoneer Growth Opportunities Corp II.
“We delivered a very successful 2021,” said Cvent CEO and founder Reggie Aggarwal during the company's earnings call, “We're entering a world where in-person events are coming back.
“Virtual events are now mainstream, and more organisers want the best of both with hybrid events. Our platform is built to power all three of these event formats - in-person, virtual and hybrid - which we like to call the triple threat.”
Cvent’s fourth-quarter revenue was $144.7 million, an increase of 25.3 per cent from the comparable period in 2020. This included Event Cloud revenue of $102.9 million, a 31.5 per cent increase from the same period in 2020, and Hospitality Cloud revenue of $41.8 million, a 12.1 per cent year-on-year increase.
The company’s full-year revenue was $518.8 million in 2021, which was a 4 per cent increase from the previous year. Cvent’s full-year net loss was $86.1 million compared with an $83.7 million loss in 2020.
Aggarwal emphasised client gains in 2021, particularly within pharmaceutical and higher education sectors. He added that Cvent had also forged deeper relationships with existing clients.
He noted the success of Attendee Hub as an additional sale to current clients, as well as the success of Cvent's virtual meetings offerings.
In terms of booking momentum, the company said it expected the highest volume jump from the first quarter of 2022 to the second quarter, as companies increase meetings schedules before levelling off in the second half of the year.
To serve in-person events, Cvent will push its on-site event technologies, which enable organisers to track and measure attendee engagement. In addition, the company expects demand for touchless check-in and health and hygiene products like Cvent HealthCheck to remain robust.
The company said it would also invest heavily in video capabilities as part of the Cvent Studio product, which was launched in 2021.