Facebook Now Officially Has a New Company Name – Meta to start its metaverse journey
Connect 2021, CEO Mark Zuckerberg introduced Meta, which brings together our apps and technologies under one new company brand. Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses.
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.
According to Zuckerberg, the move to change the name aims to represent the company as a global brand and not just a social media company moving forward. Although the corporate structure of the company will not change, Zuckerberg says, the way the company reports its financial results will see a major change. It’s just that Facebook wants to collect its plethora of services under a single umbrella, and well, the name of its social media giant (Facebook) no longer suffices the purpose.
“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 reflect who we are and what we hope to build. But over time, I hope we are seen as a metaverse company,” Zuckerberg said during the event.
Meta already has its official website named meta.com and an official Twitter handle with over 13.5 million followers at the time of writing this article. The website was previously known as meta.org and was a part of the Chan Zuckerberg Science Initiative, a philanthropic wing that Zuckerberg and his wife Priscilla Chan founded in 2015. However, meta.org will be shutting down on March 31, 2022, as per a Medium post recently.
Another major change in the company’s sub-brand involves Oculus as it will be phasing out with the emergence of Meta. The CTO of Oculus, Andrew Bosworth, recently announced that the Oculus brand will be known as Meta, starting from early 2022. The Oculus Quest product line will become the Meta Quest line and the Oculus Quest app will also be renamed to Meta Quest app.
So yeah, Facebook is no longer the parent company of Instagram and WhatsApp. Instead, the original social media platform will be a part of Meta, much like Google transitioned from a sole company to be a part of Alphabet back in 2015.
What does the new name ‘Meta’ mean? Is the Facebook app also called ‘Meta’ now?
‘Meta’ in Greek means ‘after’ or ‘beyond’. The overall Facebook company will now simply be called Meta. However, the Facebook app will retain its name and there’s no change for other apps.
Meta Platforms, Inc. doing business as Meta is an American multinational technology conglomerate holding company based in Menlo Park, California. It is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries.
How does Facebook plan to build this ‘metaverse’?
Meta knows it is not the only company that can ‘build’ this metaverse. The plan is to keep the experience of the metaverse free and for that Meta will sell its “devices at cost or subsidised to make them available to more people.”
These are VR or AR devices which can be used to access parts of the metaverse such as the Oculus Quest 2 or 3. There’s also a new VR device called Project Cambria, which will be more expensive and with more advanced tracking technology. This is coming next year. Facebook also has its AR glasses project called Aria, which is still in the works.
Meta will also “support side-loading and streaming from PCs so people have choice, rather than forcing them to use the Quest Store to find apps or reach customers,” he wrote.
“And we’ll aim to offer developer and creator services with low fees in as many cases as possible so we can maximise the overall creative economy. We’ll need to make sure we don’t lose too much money along the way though, ” he added.
In his keynote, Zuckerberg also took a direct shot at other platforms, namely Apple. He said, “This period has also been humbling because as big of a company as we are, we’ve also learned what it’s like to build on other platforms. Living under their rules has profoundly shaped my views on the tech industry. I’ve come to believe that the lack of choice for consumers and high fees for developers are stifling innovation and holding back the internet economy.”
So clearly the all encompassing metaverse, will also offer Facebook a chance to escape the rules of Apple and Google, which tightly control the iOS and Android platforms respectively.
Companies owned by Meta?
Meta Platforms, Inc. doing business as Meta (formerly Facebook, Inc.) is an American multinational technology conglomerate holding company based in Menlo Park, California. It is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries. It is one of the world’s most valuable companies and is considered one of the Big Five companies in U.S. information technology, alongside Amazon, Google (Alphabet), Apple, and Microsoft. The company generates the vast majority of its revenue by selling advertisement placements to marketers.
Meta offers other products and services, including Facebook Messenger, Facebook Watch, and Facebook Portal. It has also acquired Oculus, Giphy and Mapillary, and has a 9.99% stake in Jio Platforms.
In October 2021, media outlets reported that the parent company of Facebook planned to change its name to “reflect its focus on building the metaverse”, it was rebranded as Meta later that month on October 28. The name “Meta” comes from the Greek language and means “beyond”, indicating the futuristic motive.