The largest tech giant Facebook is going to rebrand the company with a new name as per the speech delivered by Mark Zuckerberg (CEO) at the annual Connect conference recently.
The purpose behind rebranding is to position the Facebook app and other products like Instagram, WhatsApp, Oculus, and more under the one parent company.
Facebook with over 10,000 employees and creating custom hardware like AR glasses aims to effectively transition from a social media company to a metaverse company, over the coming several years.
A rebranding could also direct the company in the future to mitigate the intense scrutiny Facebook is currently facing (because of the way it’s all social platforms’ algorithms operate today). Frances Haugen, (former worker turned whistleblower) recently disclosed a pile of internal research findings showing to The Wall Street Journal and attested about them before Congress.
Facebook Rebrands the Company with a New Name Meta
Facebook isn’t the first the largest tech-based company to change its brand name as it intends to expand in the future. In the year 2015, Google restructured completely under a property named Alphabet, to indicate that it was not just a search engine, but an extensive corporation with businesses making driverless cars and health-related tech.
Similarly, in 2016, Snapchat rebranded itself to Snap Inc. and in the same year, it called itself a ‘camera company’ and launched its first pair of Spectacles camera specs.
And now Facebook Inc. is registered as Meta Platforms Inc., or in short as Meta. The CEO of the company Mark Zuckerberg has its deepest commitment to growing the new surround-yourself technology (metaverse). But this social network itself would remain named Facebook.
Various skeptics criticized this act of Mark Zuckerberg to change the audience’s attention from the recent internal document leaks by the Facebook whistleblower who accused the company of putting more profits over the people, spoiling the teenagers with its purposeful algorithm changes, promoting hate, political friction, and misinformation worldwide.
A marketing consultant Laura Ries said that Facebook is one of the leading social media platforms and it is being accused of causing harm to people and society. And they can’t get rid of this by simply changing their name to a new corporate name metaverse.
The Facebook app along with its other grouped apps including Instagram, WhatsApp, and Messenger will not change their names. Moreover, the company’s organizational structure and senior leadership will remain the same. The company’s stocks will be traded under a new brand name, logo, and ticker symbol ‘MVRS’.
Zuckerberg explained Metaverse as a ‘virtual environment’ where individuals can work, meet and play, via virtual reality (VR) based headsets, augmented reality (AR) based glasses, smartphone apps, and other devices.
According to Victoria Petrock, who is an emerging technologies analyst said that it also will also be equipped with other elements of online life like online shopping and social networking sites.
Zuckerberg’s interest in virtual reality has led to contrasts to equivalent tech billionaires’ outer space journeys and jests. And it is perhaps understandable Zuckerberg would want to get rid of his existing situation amid demands for his resignation and growing inquiry of the corporation.
Zuckerberg publicized a novel subdivision for Facebook that will begin recording its monetary fallouts independently from the corporation’s other Apps, this subdivision beginning in the last quarter of this year.
Other technological organizations including Microsoft, Fortnite maker Epic Games, and chipmaker Nvidia have been also charting their specific ideas of how the metaverse will grow and work.
Zuckerberg further added that he imagines the metaverse to rapidly reach almost a billion people within the decade along with creating millions of technology-based jobs for the users and creators.