Facebook is changing its firm name to ‘Meta’ as it moves its focal point to the “metaverse”. After a whistleblower leaked hundreds of internal documents, the firm is facing widespread examination of the real-world problems caused by its numerous platforms.
As the parent firm of Facebook’s social services and AR/VR businesses, the renamed Meta is meant to reflect Zuckerberg’s positioning of the firm as centred on “metaverse” experiences and services, which he believes will reach 1 billion people in the next decade.
Facebook CEO Mark Zuckerberg announced on Thursday that the firm will change its name to Meta, thereby relegating the company’s eponymous service to a subsidiary, alongside Instagram and WhatsApp, rather than the overarching brand.
In a press release, the firm formerly known as Facebook also stated that it aims to begin trading under the ticker “MVRS” on December 1.
“Our aim stays the same — it’s still about bringing people together,” Zuckerberg said in his keynote at Facebook Connect, the company’s annual conference for AR/VR developers and makers, on Thursday. “However, we now have a new North Star to help bring the metaverse to life, as well as a new name that symbolizes the entire scope of what we do and the future that we want to help build.”
A rebranding might be part of an effort to repair Facebook’s image and turn the page after a string of PR disasters, including misinformation on its platforms, content moderation failures, and revelations about its products’ bad impact on some users’ mental health.
“As we enter this new chapter, I’ve been thinking a lot about our identity. On Thursday, Zuckerberg stated, “Facebook is one of the most used products in the history of the planet.” “It is a well-known social media brand, but it no longer encompasses everything we do.”
” We’re known as a social media firm today,” he continued, “but our DNA is a firm that produces technology to connect people.” And, just like social networking was when we first started, the metaverse is the next frontier.”
The name was inspired by the Greek word meta, which means “beyond,” according to Zuckerberg, who said he enjoyed studying classics in school. “It represents the fact that there is always more to build,” says the artist.
Outside of its California offices, the firm also replaced its corporate sign, which featured a picture of a “thumbs up,” with one advertising its new logo: a blue infinity symbol.
On Thursday, Facebook did not make any executive changes. On his personal Facebook page, however, Zuckerberg’s employment title was modified to “Founder and CEO at Meta.”
When asked by The Verge if he planned to stay as CEO of Facebook for the next five years, he responded: “Most likely. I don’t have a set timeline for how long I want to accomplish this. I suppose I could say that I’m quite thrilled about the next phase of our work.”
Zuckerberg began the huge product event by promising a variety of new metaverse social, gaming, and workplace innovations — but also realizing the optics of focusing on such things amid heightened scrutiny of the firm.
“I understand that some may argue that now is not the time to think for the future, and I agree that there are vital challenges to address now. There will always be, “According to Zuckerberg. “As a result, I’m not convinced there will ever be a decent time to focus on the future for many individuals. But I also know that there are many of you who share my sentiments.”
“What we’re building is what we live for,” Zuckerberg continued. “And even when we make mistakes, we keep learning, creating, and progressing.”
Facebook demonstrated its vision for the metaverse with a series of concept videos, including sending a holographic representation of yourself to a performance with a buddy who was there in person, sitting around virtual meeting tables with remote colleagues, and playing immersive games with friends. Facebook recently announced that it would hire 10,000 workers throughout Europe to help them develop the concept.
In addition, Zuckerberg said that Messenger calling will be available in VR, as well as plans to launch a virtual marketplace where developers can sell virtual products and a redesigned home page in Oculus Quest to make virtual world conversation and games more social.
“Your devices will no longer be the centre of your attention,” he stated. “In the next five to ten years, we’ll start to see a lot of these technologies come together. A lot of this will become commonplace, and many of us will be building and inhabiting worlds as vivid and compelling as this one on a regular basis.”