Facebook Will Change Its Name: Find Out The Reason Why?
Facebook will reportedly change its name next week.
CEO Mark Zuckerberg is expected to elaborate on the new plans at the company’s annual Connect conference on Oct. 28.
But there is a chance that the new name could be unveiled sooner.
It is common practice in Silicon Valley for companies to change their names as they look to expand their services.
Rebranding To Signal Expansion
Google is an example which established Alphabet Inc as a holding company in 2015 to expand beyond its search and advertising businesses.
Through the expansion, it wants to get involved in autonomous vehicle units and health technology along with providing internet services in remote areas.
Similarly, the rebranding would position Facebook’s social media app as a product under a parent company which already oversees groups like Instagram, WhatsApp, Oculus and more.
It will also direct attention to Facebook’s focus on building a “metaverse”.
The move comes at a time when the social media giant once again finds itself in the eye of the storm.
It is facing widespread condemnation for multiple unethical practices such as covering up ill effects of Instagram on teenagers’ mental health among other things.
Rebranding itself can be a way of redirecting attention to its business beyond social media.
Zuckerberg made it clear, “We will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”
The term was created originally by sci-fi novelist Neal Stephenson referring to a virtual world which serves as an escape from the real and dystopian world.
What Is A Metaverse?
The concept refers to an online world where people can use different devices to move and communicate in a virtual environment.
In other words, metaverse consists of virtual, interactive spaces in the digital world.
It can be imagined as a virtual universe in which users will live, work and exercise.
They can also create and explore with other people who aren’t in the same physical space.
Betting On VR/AR
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) such as Oculus, a VR company.
Through these technologies it intends to connect its nearly three billion users through several devices and apps.
In an effort to build the metaverse it will also create 10,000 jobs in the European Union over the next five years.
Partnering With EU
These jobs would entail building consumer hardware like AR glasses that Zuckerberg believes will become as commonplace as smartphones.
Nick Clegg, VP Global Affairs, said that the EU plays an important part in “shaping the new rules of the Internet”.
To that end, Facebook announced that it will invest $50 million to partner with the organisation to responsibly build the metaverse.
The company believes that the next computing platform could potentially generate creative, social and economic opportunities.
Zuckerberg had envisioned the metaverse to be the key to Facebook’s future.