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. Please note that while virtual events will not be included on maps (because they have no physical address), but they will be included in the list portion of event lookup pages and in search results. (Virtual events will be included after nearby physical events in search results.)