Facebook changed the parent company’s name to Meta on Thursday. With this announcement, all the media speculations over the past few weeks have come to an end.
Several media reports speculated the new name of Facebook’ parent company as ‘Metaverse’ which is almost close to what the social media giant announced on Thursday.
“The parent company’s name is being changed to Meta – a social technology company,” said Facebook CEO Mark Zuckerberg. Zuckerberg introduced Meta addressing a live-streamed virtual and augmented reality Connect conference on Thursday.
Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses. Also, Facebook recently announced its hiring plans to create 10,000 new jobs in the European Union and build a metaverse.
“We’ve gone from desktop to web to mobile; from text to photos to video. But this isn’t the end of the line. The next platform will be even more immersive — an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build,” Zuckerberg said about his future vision of Meta in a letter.
“The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this,” explained Zuckerberg.
One of the core reasons behind this rebranding of the company is to overcome the negative sentiments, perceptions along scrutiny and criticisms from government agencies and regulators in the US and around the world.
Facebook has been criticized for manipulating users data through its algorithms and bias policies in recent years. Given this scenario, the social network giant has struggled to attract young users in recent years.
With the name change to Meta, the social networking giant plans to bring its different apps such as Facebook, Messenger WhatsApp, Instagram and other technologies such as Oculus, Presence Platform and Quest 2 – under one brand. This name change would have no impact on its corporate structure and functioning.
However, Zuckerberg informed that from the fourth quarter onward, the company Meta plans to report on two operating segments – Family of Apps ( Facebook, Messenger WhatsApp, Instagram) and Reality Labs (Oculus, Presence Platform and Quest 2).
The company’s stock trading will use a new ticker MVRS starting December 1, 2021. In addition, the company has introduced a blue coloured infinity sign as the new logo of Meta.