Last Updated on November 10, 2021 by Dayanand Kadella
Facebook Inc. (FB.O) has rebranded as Meta, with the goal of creating the “metaverse,” a shared virtual environment that the company; Facebook, says could eventually replace the mobile internet. Everyone is hoping Facebook step to becoming Meta will revolutionize the whole internet world. Facebook Became Meta now.
The rebranding comes as the world’s largest social media company faces increased legislative and regulatory scrutiny over its market dominance, algorithmic judgments, and policing of platform abuses.
At a live-streamed virtual and augmented reality conference, Facebook CEO Mark Zuckerberg said the new name reflected the company’s efforts to invest in the metaverse rather than its famous social networking site, which would remain branded Facebook.
The word “metaverse” was invented almost three decades ago in the dystopian novel “Snow Crash,” and it is now becoming the center of attention in Silicon Valley. It’s the idea of a shared virtual reality that may be touched through a number of devices.
The company, which has invested heavily in augmented and virtual reality, argues that the shift would bring all of its apps and technologies under one umbrella. It declared that it will not change its corporate structure.
In recent years, politicians and authorities throughout the world have focused their attention on the digital juggernaut, which has 2.9 billion monthly users.
And also, Frances Haugen, a former Facebook employee, and whistleblower revealed material that she said showed the company prioritized profit before user safety.
In recent weeks, Haugen has testified before a Senate panel in the United States and parliamentarians in the United Kingdom’s Parliament. The records, according to Zuckerberg, are being exploited to construct a “false picture” of the company.
The company indicated in a blog post that it intends to begin trading on December 1 under the new stock symbol MVRS. Its Menlo Park, California, headquarters unveiled a new sign on Thursday, replacing the thumbs-up “Like” insignia with a blue infinity shape.
On Thursday after the announcement of Meta, Facebook shares finished 1.5 percent higher at $316.92, it was a big achievement too.
Facebook said last week that its hardware subsidiary, Facebook Reality Labs, which is in charge of AR and VR activities, will become a distinct reporting entity, and that the company’s total operating profit by nearly $10 billion this year after investment in it will be cut down.
The company launched a metaverse-focused product team under this organization earlier this year, and it recently announced plans to employ 10,000 individuals in Europe to work on the project over the next five years.
In an interview with the Information, Zuckerberg indicated that he has not considered stepping down as CEO and that “very seriously” spinning off this division has not been explored.
According to its head Andrew “Boz” Bosworth, “Reality Labs will be the new moniker for the division.” In addition, the company will stop calling its virtual reality headsets “Oculus” and instead refer to them as “Meta” devices.
The name change, first reported by the Verge, is a significant makeover for Facebook, but it is not the company’s first. In 2019, the company released a new logo to distinguish itself from its social app.
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“While this name change will help clarify the link between Facebook’s parent company and its first app, it will not cure the firm’s fundamental issues,” said Mike Proulx, research director at market research firm Forrester.
According to Prashant Malaviya, a marketing expert at Georgetown University’s McDonough School of Business, the business’s intentions to gradually off the Facebook brand from products like video calling gadget Portal suggests the corporation is trying to escape the extraordinary scrutiny affecting the rest of its programs.
He stated, “Without a doubt, (the Facebook term) is damaged and poisoned.” The new name, which originates from the Greek word for “beyond,” emphasizes the notion that there is always more to grow, according to Zuckerberg.
The new name, according to Zuckerberg, also represents the fact that consumers will no longer be required to use Facebook to access the company’s other services in the future.
As the popular search engine went into new industries such as self-driving cars, high-speed broadband, and cloud computing, Google reorganized in 2015 to become Alphabet Inc (GOOGL.O), a new holding company. In 2016, SnapChat changed its name to Snap Inc (SNAP.N), the same year it released its first pair of smart glasses.
During Connect, Facebook unveiled a slew of new AR and VR features, including its own pair of smart glasses in collaboration with Ray-Ban.
People using the company’s Oculus VR headset could use Facebook Messenger to contact pals, and they could invite others to a communal version of their house called “Horizon Home.”
People connecting as avatars and being transported to digital replicas of various locales and historical periods were also shown in video demos by Zuckerberg. He stated that the metaverse should be built with security and privacy in mind.