Throughout the last two decades, Facebook has been synonymous with some of the most identifiable branding in the world: as a white and blue ‘f’ inside a box.
That is no longer the case. The social networking juggernaut presented a bold effort toward a makeover, renaming it as Meta and removing the word “Facebook” from its name. The update was matched by a new company logo that was fashioned in the shape of an infinity symbol that was somewhat rotated in the XYZ plane. Other programs of the company, such as Instagram and WhatsApp, will still exist as it is, but behind the Meta banner.
The move exemplifies how Facebook’s CEO, Mark Zuckerberg, intends to realign his Silicon Valley firm on what he envisions as the next digital horizon: the merging of diverse digital universes into something termed the metaverse. At the same time, changing Facebook could aid the firm in removing itself from the current social networking concerns, such as how it is used to promote hate speech and disinformation.
Mark Zuckerberg added during a virtual gathering to highlight Facebook’s technical changes in the future, “I’ve been thinking a lot about our identity” with this new chapter. “I’d like to think of us as a metaverse corporation in the future.”
Mark Zuckerberg signaled with the shift that his company was moving past today’s social networking, which was the foundation of Facebook ever since its introduction 17 years ago. He claimed that having Facebook as the company name was no longer viable because the company now possessed several apps and was primarily about building connections.
Mark Zuckerberg noted that this was particularly true given Facebook’s commitment to creating a hybrid universe that combines online, virtual, and enlarged worlds for people to easily navigate. He believes that the metaverse, as he refers to it, will become the future huge social platform, with multiple tech companies working on it here over the next ten years. Facebook divided its virtual reality and integrated reality businesses into a subsidiary known as Facebook Reality Labs, signaling its aim to be a major participant.
Facebook, on the other hand, will take time to turn into a metaverse company because the concept is imaginary. Facebook and its partner applications are still big enterprises, with yearly sales of over $86 billion and a global user base of over 3.5 billion people.
In two respects, the timing of the name change is helpful. Facebook has recently been subjected to some of the most intense criticism it has ever received. Lawmakers and the public have scolded the firm’s Instagram photo-sharing app for allegedly harming the subconscious of certain youngsters, and the corporation has been questioned for its involvement in spreading misinformation and inflaming racial tensions with offensive content.
After Frances Haugen, an ex-Facebook employee revealed confidential documents revealing how much the business realized the negative consequences of its actions; the outrage reached a boiling point. The Wall Street Journal and other media outlets initially revealed findings from Ms. Haugen’s records.
The claims have caused a series of legislative hearings as well as a legal/regulatory investigation. On Monday, Ms. Haugen spoke to British lawmakers in Parliament, encouraging them to keep an eye on Facebook. While governments and legislative bodies have begun inspections into Facebook’s operations, Facebook ordered its staff on Tuesday to “preserve internal documents and communications from 2016” that link to its companies.
Corporate rebranding isn’t a thing that happens generally, but that doesn’t mean it has never happened. Rebranding is generally done either to differentiate and restructure a firm’s functioning and motive or to separate a corporation from a negative reputation.
Google reconfigured itself under a fresh mother company, Alphabet, in 2015, separating itself into distinct organizations to better distinguish its online search business from its range of technological ambitions in other fields.
The name of Facebook has been changed mostly for stylistic reasons. It started trading under the ticker MVRS on December 1st. A number of the company’s virtual-reality devices will also be rebranded as Meta, replacing the Oculus brand name.
There was no mention of executive replacements, and the company was not rebuilt. Mark Zuckerberg is still the CEO and Chairman of the firm. He has executive authority over any changes that may have an impact on the company’s future.
For months, Facebook has been building up to the metaverse bombshell. The Oculus Quest 2, the company’s most recent virtual-reality headgear, debuted last year. Then it launched Horizon Workrooms, a virtual conference room where participants wearing virtual-reality headsets may communicate as if they were at an in-person work event. It collaborated with Ray-Ban on a new line of video-recording eyeglasses in September.
All of these things are part of the metaverse, which Zuckerberg said began to sound “science fiction.”
Facebook’s chief technology officer, Andrew Bosworth, has also stated that the metaverse will require considerable technological advancements and that the firm is focusing on new virtual reality and enhanced reality hardware that is smaller, less costly, and more engaging.
Nonetheless, Zuckerberg welcomed the concept as “the future of mobile internet,” predicting that mobile devices will no longer be the focal point. He also suggested that the fundamental elements of the metaverse were already established. In a sample, he exhibited a digital avatar of himself that could travel to various digital realms while communicating with friends and family from anywhere on the planet.
“You’ll feel like you’re together with other people,” he predicted. “You won’t be confined to a single planet or platform.”
Zuckerberg stated that building the metaverse would necessitate collaboration among many technology businesses, new kinds of governance, and other features that would not be available in the near future.
Part of the formula for success will be encouraging app development agencies to create additional metaverse-compatible apps and programs. Consumers are more inclined to join new computing communities if there are programs and applications for them to utilize, similar to the mobile app industry.
As a response, Zuckerberg stated that he would maintain to provide low-cost or no-cost facilities to developers and that he would engage in encouraging potential developers using creator funding and other cash injections. Facebook has reserved $150 million for developers and app development companies that, among several other things, create new sorts of interactive educational apps and programs.
He stated, “We are absolutely committed to this.” “This is the next step in our project.”
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