Facebook has rebranded itself as Meta in a bid to own a concept for a 3D version of the internet
Facebook has changed its name to Meta Inc. The owner of various social media platforms including Facebook, WhatsApp, and Instagram rebranded as Meta on 28th October.
In the company’s annual Connect conference, CEO, Mark Zuckerberg, told the attendees that the brand is linked to one product that represents everything the company is doing today. He expressed optimism that the company will be seen as a metaverse company.
Social media names kept
Social media platforms, Facebook, Instagram, and WhatsApp, will retain their names. It is the company that owns these social media platforms that has changed its name to Meta. This move is similar to Google’s 2015 restructuring that led to the renaming of the parent company called Alphabet.
When Facebook (the company) changed its name to Meta, it also changed the logo outside its headquarters.
What is metaverse?
The whole presser by Mark Zuckerberg was centered on promoting his company’s identity on metaverse.
So, what is the metaverse? It is a shared online 3D virtual space that several companies are currently working around. It is seen as an evolution of the internet. Therefore, Facebook’s move to change to Meta is to align itself with this new future.
In his statement, Zuckerberg likened this future internet as having the ability to teleport as a hologram to different locations without having to commute.
Will this increase Facebook’s stock price?
Even before the release of the news confirming the change of Facebook’s name to Meta, experts expected the move and many argued that it could work to the company’s advantage. The move could influence and increase Facebook’s share price on trading platforms. To some, a name change might be seen as a cosmetic value but research shows that companies that change their names when facing negative publicity can turn perception around.
Facebook recently faced negative press due to multiple factors. A former employee turned whistleblower, Frances Haugen, appeared before a Senate Commerce subcommittee where she discussed issues related to children’s protection online. Haugen claimed that Facebook’s products harm children, weaken democracy, and stoke division. She also added that the social media giant puts profits before people. This interview came barely a day after Facebook social media platforms went down for a few hours.
However, the eventual direction of Facebook’s stock price remains speculation as other market factors would have to be considered as well. They include the company’s financial performance, competitors’ reactions and acceptance of the new name among others.
Impact of metaverse
Many Facebook users are eager to know what they can be able to do with metaverse. Zuckerberg explained that metaverse will make future reality possible. He acknowledged that metaverse is a futuristic technology.
With it, users will be able to go to a virtual concert, buy and try on digital clothing, and go to virtual meetings with holograms. It could be a game-changer for the work-from-home setup that has been experienced during the pandemic. It changes the experience from a video call grid to virtual reality. It is worth noting that metaverse is not a Facebook creation. As mentioned above, many companies are working on it, and Facebook has just aligned all its services with this futuristic trend.
