Here’s why Facebook will now be called Meta

Facebook the mother company that owns Facebook, WhatsApp, Instagram, Oculus and other technologies, has today announced it will be rebranding to Meta. This is similar to the changes Google introduced years back when it brought all its companies under the name ‘Alphabet’.

At Connect 2021, CEO Zuckerberg introduced the new company name saying the new focus will be to bring the metaverse to life and help people connect, find communities and grow businesses.

Zuckerberg owns the Twitter account @meta and the domain meta.com. If you visit the domain, you will see it redirects to about.facebook.com/meta which now outlines the new company name, and focuses.

“We are at the beginning of the next chapter for the internet, and it’s the next chapter for our company too.” says Zuckerberg on the Founder’s Letter, 2021.

What is the metaverse:

The term metaverse refers to a shared virtual world that people can access via the internet. Such a universe can be built around Augmented and Virtual Reality. Users will be able to immerse themselves in digital content rather than just experiencing it through screens as we have all-through.

This description helps us understand what the new company will now be focusing on going forward. The company has already stated that starting in the fourth quarter of 2021, they will report financial results of its augmented and virtual reality labs as separate units.

The rebrand, according to the company, is meant to help the company focus on building the next online experiences.

Facebook says, “{the metaverse} 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.”

“The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this.” says Zuckerberg.

Other stuff:

The company has said the corporate structure will not be changing. How data is use and shared will also not change. However, starting December 1, the company will be shifting to the stock ticker MVRS which it has already reserved.