Facebook Announces Name Change To Meta In Rebranding Effort
Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future, what Zuckerberg calls the “metaverse.”
Skeptics point out that it also appears to be an attempt to change the subject from the Facebook Papers, a leaked document trove that has revealed the ways Facebook ignored internal reports and warnings of the harms its social network created or magnified across the world.
Zuckerberg says he expects the metaverse to reach a billion people within the next decade. The metaverse, he says, will be a place people will be able to interact, work and create products and content in what he hopes will be a new ecosystem that creates “millions” of jobs for creators.
The announcement comes amid an existential crisis for Facebook. It faces legislative and regulatory scrutiny in many parts of the world following revelations in the Facebook Papers.
In explaining the rebrand, Zuckerberg said the name “Facebook” just doesn’t encompass “everything we do” any more. In addition to its primary social network, that now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform and more.
“Today we are seen as a social media company,” Zuckerberg said. “But in our DNA we are a company that builds technology to connect people.”
Metaverse, he said, is the new way. Zuckerberg, who is a fan of classics, explained that the word “meta” comes from the Greek word “beyond.
CEO Mark Zuckerberg announced Thursday that Facebook the company is changing its name to Meta to reflect its growing focus on the metaverse.
“From now on, we’re going to be the metaverse first, not Facebook first,” Zuckerberg said at the company's annual Connect conference Thursday. "Our brand is so tightly linked to one product that it can't possibly represent everything we're doing today, let alone the future."
Though its vision is expanding to virtual spaces where people interact via digital avatars, the company said it is not changing its corporate structure. It will trade under the ticker symbol MVRS.
Facebook and its apps Instagram, Messenger and WhatsApp will be housed in a separate division from Facebook Reality Labs, which makes the company's augmented and virtual reality products, the company said earlier this week.