Facebook is now called Meta. What does the new name mean?
Facebook is now called Meta. Get the full detail here
At his company’s Connect event on Thursday, 28th October 2021, Facebook CEO Mark Zuckerberg revealed that the company’s new name will be Meta.
The word “meta” comes from the Greek word meaning “beyond”. “We are a company that creates technology to connect,” Zuckerberg explained. “We can finally put humans at the heart of our technology if we work together.” And by working together, we can create a far larger creative economy.”
“To represent who we are and what we aim to build,” he continues. He claims that the word Facebook does not adequately capture all the firm does now and is still primarily associated with one product. “However, I hope that in time, we will be recognized as a metaverse firm.”
The corporation stated that it will “encompass” everything it does as it expands its reach beyond social media into sectors such as virtual reality (VR).
The shift solely affects the parent business, not the individual platforms such as Facebook, Instagram, and Whatsapp.
The action comes after a slew of unfavorable headlines about Facebook that were based on information obtained by an ex-employee.
Frances Haugen has charged the corporation with prioritizing “earnings before safety.”
Google reorganized its corporation in 2015, renaming its parent company Alphabet, but the name has yet to catch on.
On December 1, the firm will begin trading under the new stock symbol MVRS, according to a press statement from Facebook.
The long-awaited name change comes only a week after The Verge reported that the firm was rebranding to focus on its “metaverse” objective.
What is Meta’verse’
Facebook has been under intense scrutiny in recent weeks, following revelations based on damning internal documents provided to the Wall Street Journal by whistleblower Frances Haugen, which revealed, among other things, that Facebook’s Instagram platform had become a toxic place for teenagers, particularly girls. And, as public faith in the social media platform dwindles, antitrust officials are pressing for the firm to be split up.
Why the change of name?
Facebook changed its name for a variety of reasons, the most important of which is that the brand has become inextricably linked with scandals, negative externalities, and Mark Zuckerberg.
Even before the latest outage and whistleblowing incident, Facebook was by far the least trusted tech corporation. Mark Zuckerberg was arguably Silicon Valley’s most revered CEO, but he has subsequently fallen from grace.
It’s easy to focus on the bad reasons for the imminent name change, but there’s some substance behind it as well. For starters, Facebook admits that privacy concerns have jeopardized its key source of income.
In addition, there is substance behind the controversy surrounding the metaverse. Facebook’s intentions were initially hinted at in 2014 when it purchased the virtual reality headset company Oculus. A significant chunk of the company’s personnel is already focused on making the metaverse concept a reality, with ambitions to add 10,000 more workers across Europe over the next five years.
It remains to be seen whether this massive bet pays off, but for the foreseeable future, Zuckerberg and Facebook’s investors will be watching how the media and public response to the new Meta moniker and how the transition goes. After all, billions of dollars are at risk.
Why Facebook might have a problem with the new name: Meta
From the information gathered from multiple sources:
First one, the timing suggests that this is a rebranding operation designed to divert attention away from the wealth of unfavorable headlines swirling about the corporation right now. According to critics, Facebook did this because the brand has grown toxic. They may reject the branding and continue to refer to a corporation like Facebook.
Second, there is no such thing as the metaverse. Zuckerberg was quick to emphasize that it was a long-term product. So having a name that is completely unrelated to your core service is a little…strange. Almost the majority of Facebook’s revenue comes from Facebook and Instagram advertising.
Third, we know that previous Big Tech rebranding attempts have failed. Almost no one refers to Google as “Alphabet,” the new moniker it adopted in 2015.
What is certain is that overseeing Instagram and Facebook does not thrill Zuckerberg. He is interested in developing a new online world, as well as virtual reality. It must be exhausting to be constantly chastised for how he operates his social media businesses. This reorganization may allow him to focus more on the aspects of the firm that interest him.
In that regard, the divide makes logical. However, we’ll have to wait and see if others agree with it.
