03 November 2021
Facebook, the company, has announced that it is rebranding itself to Meta. The announcement was made by the company's co-founder and CEO Mark Zuckerberg during the Connect 2021 keynote. The main idea behind the change is to emphasize the new metaverse vision as well as to differentiate the company as a whole from the main social media app i.e. Facebook.
The announcement post says Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses. Metaverse is essentially a virtual world where people will be able to interact with each other in a highly immersive manner. There will be detailed virtual environments to suit the need and moods of people like we have in our real world.
It is officially explained as "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."
Zuckerberg said Facebook as a company has been doing a lot more diverse things but has its identity strongly linked to being a social media company. This is mainly because of the flagship app, also named Facebook and its other recent acquisitions of WhatsApp and Instagram. He said they are opting for a new name to reflect on everything they do and are working on. He is hoping that with time, they will be seen as a big metaverse company.
The new branding will not have any effect on how the company uses or share data. Similarly, the majority of its apps and services will continue operating under their current names. However, the company will be listed on the stock market under the new "MVRS" ticker starting December 1st. Oculus is another product that will undergo a rebranding as Oculus Quest will be known as Meta Quest and the Oculus App will be called Meta Quest App. As per Andrew Bosworth, CTO of Oculus, these changes will come into effect starting next year.