Facebook's new name is going to be "Meta"
The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.
Facebook is the most popular social media platform with 1.86 billion monthly active users. It is currently the leading site for advertising and marketing, but is not without its flaws. Blindly following the masses, many people post their personal information, which can be misused for cyber bullying, identity theft, or other crimes. Facebook also collects data about its users, which is then sold to advertisers. This data can be used to track people, identify them, and to possibly prey upon their vulnerabilities.
Facebook on Thursday announced that it has changed its company name to Meta. The name change was announced at the Facebook Connect augmented and virtual reality conference. The new name reflects the company’s growing ambitions beyond social media.
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Facebook, now known as Meta, has adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world. “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said.
The company will also change its stock ticker from FB to MVRS, effective Dec. 1, the company said in the announcement of its name change. Meta’s stock price was up more than 3% on Thursday. In July, the company announced the formation of a team that would work on the metaverse.
Two months later, the company said it would elevate Andrew “Boz” Bosworth, who is currently the head of the company’s hardware division, to the role of chief technology officer in 2022. And in its third-quarter earnings results on Monday, the company announced that it will break out Reality Labs, its hardware division, into its own reporting segment, starting in the fourth quarter.
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“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.
Over the past few years, the company has ramped up its efforts in hardware, introducing a line of Portal video-calling devices, launching the Ray-Ban Stories glasses and rolling out various versions of the Oculus virtual-reality headsets.
The company has indicated that augmented and virtual reality will be a key part of its strategy in the coming years. The company also said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse.
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Zuckerberg on Thursday also provided a demonstration of the company’s ambitions for the metaverse. The demo was a Pixar-like animation of software the company hopes to build some day. The demo included users hanging out in space as cartoon-like versions of themselves or fantastical characters, like a robot, that represent their virtual selves.
Zuckerberg said a lot of this is a long ways off but the company is starting to work on it. Elements of the metaverse could become mainstream in five to 10 years, Zuckerberg predicted. The company expects “to invest many billions of dollars for years to come before the metaverse reaches scale,” Zuckerberg added. “We believe the metaverse will be the successor to the mobile internet,” Zuckerberg said. Additionally, Meta announced a new virtual reality headset named Project Cambria.
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The device will be a high-end product available at the “higher-end of the price spectrum” that will be released next year, Zuckerberg said. Meta also announced the code name of its first fully AR-capable smart glasses is Project Nazare. The company did not say when the glasses will be released. Zuckerberg said “we still have a ways to go with Nazare, but we’re making good progress.”
The re-branding also comes after the company has dealt with a barrage of news reports over the past month. Those have stemmed from Frances Haugen, a former employee turned whistleblower who has released a trove of internal company documents to news outlets, lawmakers and regulators. The reports show that the company is aware of many of the harms its apps and services cause but either doesn’t rectify the issues or struggles to address them.
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More documents are expected to be shared daily over the coming weeks. In a call with analysts on Monday, Zuckerberg vehemently refuted the claims and critiques in news reports stemming from whistleblower Frances Haugen’s trove of internal company documents. CNBC
Facebook Inc (FB.O) is now called Meta, the company said on Thursday, in a rebrand that focuses on its ambitions building the "metaverse," a shared virtual environment that it bets will be the next big computing platform.
The rebrand comes as the world's largest social media company battles criticisms from lawmakers and regulators over its market power, algorithmic decisions and the policing of abuses on its platforms.
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CEO Mark Zuckerberg, speaking at the company's live-streamed virtual and augmented reality conference, said the new name reflected its ambitions to build the metaverse, rather than its namesake social media service.
The metaverse, a term first coined in a dystopian novel three decades ago and now attracting buzz in Silicon Valley, refers broadly to the idea of a shared virtual environment which can be accessed by people using different devices.
"Right now, our brand is so tightly linked to one product that it can't possibly represent everything that we're doing today, let alone in the future," said Zuckerberg. The company, which has invested heavily in augmented and virtual reality, said the change would bring together its different apps and technologies under one new brand.
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It said it would not change its corporate structure. The tech giant, which reports about 2.9 billion monthly users, has faced increasing scrutiny in recent years from global lawmakers and regulators. In the latest controversy, whistleblower and former Facebook employee Frances Haugen leaked documents which she said showed the company chose profit over user safety.
Zuckerberg earlier this week said the documents were being used to paint a "false picture." The company said in a blog post that it intends to start trading under the new stock ticker it has reserved, MVRS, on Dec. 1. On Thursday, it unveiled a new sign at its headquarters in Menlo Park, California, replacing its thumbs-up "Like" logo with a blue infinity shape.
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Facebook said this week that its hardware division Facebook Reality Labs, which is responsible for AR and VR efforts, would become a separate reporting unit and that its investment in it would reduce this year's total operating profit by about $10 billion.
The unit will now be called Reality Labs, its head Andrew "Boz" Bosworth tweeted on Thursday. Zuckerberg said the new name also reflects that over time, users will not need to use Facebook to use the company's other services.
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This year, the company created a product team focused on the metaverse and it recently announced plans to hire 10,000 employees in Europe over the next five years to work on the effort. Facebook shares were up 3.7% at $323.81 on Thursday afternoon. REUTERS
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