In the midst of the Facebook Papers crisis, Facebook changed its name to Meta and calls itself “a social technology company”.
The social network will continue with the same name — the rebranding serves the company, which in addition to Facebook also controls Instagram, WhatsApp, and Oculus.
Something similar with Google, which ended up becoming a division of Alphabet.
The rebranding was announced by Mark Zuckerberg during the Facebook Connect event, which discusses augmented and virtual reality within the company.
The name is an allusion to the metaverse, an effort by the company to combine augmented and virtual reality.
“I have been thinking a lot about our identity and how we will start this new chapter. Facebook is one of the most used products in the history of the world,” said Zuckerberg. “Today, we are seen as a social media company. But in our DNA we are a company that creates technology to connect people. And the metaverse is the next frontier, just as social media was when we started”, added the CEO.
In addition to the name change, Zuckerberg introduced a number of metaverse concepts, including social, gaming, and desktop features.
“The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company.” – Press Release
The company emphasizes, however, that its corporate structure is not changing. But they will change how they report their financial results — which will now be separated between the apps and “Reality Labs,” the division responsible for the virtual and augmented reality initiatives. On the stock exchange, the company will use the acronym MVRS from December 1st.