The Social Media world is always on the move, vowing users and brands with new features, engagements, and vast reach. However, there are some noticeable changes as well from Facebook’s name change to Donald Trump’s Truth Social app.
Facebook building a ‘metaverse‘
Facebook – the biggest social networking platform reportedly is planning to change its name or rebrand itself. The social media giant is likely to announce a new corporate name during its annual conference Connect later this week, reported the US-based The Verge.
However, rebranding in the business and technology world is not new. Companies invest huge amounts of money in branding their corporate identities and often change them for various reasons and purposes.
In the case of Facebook, CEO Mark Zuckerberg wants to reposition his social networking platform as a technology products company. It is similar to what Google announced in 2015 and formed a new parent company Alphabet
Zuckerberg will have different products such as Facebook, Instagram, Whatsapp, Oculus, and others. Facebook last week announced its hiring plans to create 10,000 new jobs in the European Union and build a metaverse.
Facebook called, “Tt’s a new phase of interconnected virtual experiences using technologies like virtual and augmented reality.” The social media company wants to focus on building virtual experiences and related technologies.
In an interview with The Verge, Zuckerberg had called the metaverse “the successor to the mobile internet. The metaverse will encompass VR, AR, PCs, mobile devices, and game consoles – all coming together – that’s how Zuckerberg wants to build his new metaverse concept.
Although there’s no official announcement from the company regarding the new name, but it is so far rumoured as metaverse.
Name change and its impact
Facebook’s rebranding, according to industry experts may help the company to address the issues it has been facing in recent years. It may help to shed those negative sentiments and perceptions linked with the social media platform. And it may further, help to make a positive impact on its stock which has fallen over 8 per cent in the last month.
Facebook’s stock after touching a high trade value of $353 on September 27 this year, has remained unstable and fell over 8 per cent. During the last trade on October 22, the stock value touched a lower value of $324.
It’s very hard to predict how the re-naming idea will work for Facebook stocks or how 2.85 billion monthly active users around the world will respond to Facebook’s name change in the coming weeks.
Trump’s Truth Social platform
Former US President Donald Trump launched a new social media platform Truth Social last week. This comes after, major social media apps including Facebook, Twitter, and YouTube banned Trump’s accounts early this year.
These tech companies in January this year suspended Trump’s social media accounts for posting hate speech and inciting content that violated their content policies. And that move compelled Trump to announce a new social media platform Truth Social past mid-week.
Just a few hours from Truth Social’s launch hackers reportedly breached its security and hacked into it. The hacking incident left Trump and his Trump Media and Technology Group (TMTG) with huge embarrassment.
TMTG’s vision is to stand up against the tyranny of big tech giants and offer freedom of expression to users without any political discrimination.
Only time will tell whether Facebook’s new name or Trump’s new social media app will become popular among the users.