At the Connect 2021 event, Facebook finally announced what it will be re-naming its company name to in order to better reflect it’s focus on building a metaverse. From now on, Facebook’s overarching company name will be: ‘Meta‘.
According to Facebook CEO Mark Zuckerberg: “We are a company that builds technology to connect. Together we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.”
To clear up some confusion – Facebook (the app) will remain, and so will all of the other brand names and identities. Facebook’s various projects will now all fall under the umbrella of ‘Meta’. Zuckerberg hopes that this will evolve focus on the next generation of digital connection.
As said by Facebook:
“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.”
Zuckerberg recently wrote in a blog post that the company’s corporate structure will not be changing, but the way it reports financial results will change.
Starting with the company’s results for the fourth quarter, they plan on reporting on two main operating segments:
Family of Apps – Facebook as we primarily know it (Facebook, Instagram, WhatsApp and Messenger).
Reality Labs – This will cover the company’s VR technologies as well as other evolving tech.
Mark Zuckerberg’s Vision for Meta
The Facebook CEO has outlined his vision for his new entity in a founder’s letter:
“From now on, we will be metaverse-first, not Facebook-first. That means that over time you won’t need a Facebook account to use our other services. As our new brand starts showing up in our products, I hope people around the world come to know the Meta brand and the future we stand for.”
“I used to study Classics, and the word “meta” comes from the Greek word meaning “beyond”. For me, it symbolizes that there is always more to build, and there is always a next chapter to the story. Ours is a story that started in a dorm room and grew beyond anything we imagined; into a family of apps that people use to connect with one another, to find their voice, and to start businesses, communities, and movements that have changed the world.”
