What is the purpose of web conferencing? is it the same as online chatting?

Web Conferencing is an online service by which you can hold live meetings, conferencing, presentations and trainings via the internet particularly on TCP/IP connections. You can connect to the conference either by telephone or using your computer's speakers and microphone through a VoIP connection

Online chat includes web-based applications that allow communication – often directly addressed, but anonymous between users in a multi-user environment. Web conferencing is a more specific online service, that is often sold as a service, hosted on a web server controlled by the vendor.

They are kind of similar

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