If you're planning an event that's not tied to a specific location – like a conference call or webinar – you can create a virtual event. Setting up a virtual event follows the same process as setting up any other event, but instead of entering a location for the event, choose the This is a virtual event with no location link. You'll then be asked to provide a timezone for your virtual event.
Virtual events are not their own class of event, which means that calendar, group, campaign, and standalone events can all be virtual events. However, please note that virtual events will not appear in calendar search results.