Facebook has finally changed its company name to ‘Meta’ as it shifts focus to the idea of ‘Metaverse.’ This happened around the same timeline when the company was confronted about its real-world harms after a whistleblower leaked several internal documents.
Mark Zuckerberg, Founder of Facebook said, they are going to change its corporate name to Meta, demoting the name Facebook as one of the subsidiary companies along with WhatsApp and Instagram. In the press release, they have also stated, the company previously known as Facebook is going to trade under ‘MVRS’ as its stock ticket, effective from December 1.
At the Connect Event, in Mark Zuckerberg’s own words,
“We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy. To reflect who we are and what we hope to build”.
What’s in it For the Future?
The product event started off with Zuckerberg showcasing a whole new series of concepts for social, workspace, and gaming within the Metaverse. He has also acknowledged the situation amid which the company is going through renewed scrutiny.
The product event teased a series of concept videos that particularly aligned with its vision of Metaverse. One such example shown was, users can send their holographic image to a friend who is attending a concert in real-time. Still around a virtual meeting table, or playing immersive games with friends are some of the few things users can experience in the near future.
Zuckerberg also added that Messenger calling would soon support VR. Meta would also open its own marketplace, where developers can easily sell their virtual goods. Oculus Quest is also going to have a new home screen, making the interaction within the virtual world more social.
The Bottom Line
This is certainly not the first time when a major rebranding has happened within the industry. Starting from Kentucky Fried Chicken shortening its name to KFC, or Japanese car brand Dustan changing their name to Nissan.
Some companies even changed their names in order to reflect the company’s broader ambition. Snapchat rebranded back in 2016 to Snap in order to correlate to their foray towards hardware, while Google has reconstructed under the new name Alphabet.
While no one can predict absolute success towards their rebranding, given its Facebook, they are absolutely going to surprise the world by storm.