Facebook Changes Name to Meta, CEO Mark Zuckerberg Says Rebranding Reflects Investment in ‘Metaverse’

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Facebook is now referred to as Meta, the corporate stated on Thursday, in a rebrand that focuses on constructing the “metaverse,” a shared digital surroundings that it bets would be the successor to the cell web.

The identify change comes because the world’s largest social media firm battles criticisms from lawmakers and regulators over its market energy, algorithmic choices and the policing of abuses on its providers.

CEO Mark Zuckerberg, talking on the firm’s live-streamed digital and augmented actuality convention, stated the brand new identify mirrored its work investing in the metaverse, reasonably than its namesake social media service, which can proceed to be referred to as Facebook.

The metaverse is a time period coined in the dystopian novel “Snow Crash” three a long time in the past and now attracting buzz in Silicon Valley. It refers broadly to the thought of a shared digital realm which might be accessed by individuals utilizing completely different gadgets.

“Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” stated Zuckerberg.

The firm, which has invested closely in augmented and digital actuality, stated the change would carry collectively its completely different apps and applied sciences underneath one new model. It stated it might not change its company construction.

The tech big, which reviews about 2.9 billion month-to-month customers, has confronted growing scrutiny in latest years from world lawmakers and regulators.

In the most recent controversy, whistleblower and former Facebook worker Frances Haugen leaked paperwork which she stated showed the corporate selected revenue over person security. Haugen has in latest weeks testified earlier than a US Senate subcommittee and lawmakers in the UK’s Parliament. Zuckerberg earlier this week stated the paperwork had been getting used to paint a “false picture.”

The firm stated in a weblog publish that it intends to begin buying and selling underneath the brand new inventory ticker it has reserved, MVRS, on Decemeber 1. On Thursday, it unveiled a brand new signal at its headquarters in Menlo Park, California, changing its thumbs-up “Like” brand with a blue infinity form.

Facebook shares closed 1.5 p.c increased at $316.92 (roughly Rs. 23,700) on Thursday.

Tarnished Reputation

Facebook stated this week that its {hardware} division Facebook Reality Labs, which is liable for AR and VR efforts, would change into a separate reporting unit and that its funding in it might scale back this yr’s whole working revenue by about $10 billion (roughly Rs. 74,795 crore).

This yr, the corporate created a product group in this unit centered on the metaverse and it lately introduced plans to rent 10,000 workers in Europe over the following 5 years to work on the hassle.

In an interview with tech publication the Information, Zuckerberg stated he has not thought of stepping down as CEO, and has not thought “very seriously yet” about spinning off this unit.

The division will now be referred to as Reality Labs, its head Andrew “Boz” Bosworth stated on Thursday. The firm will even cease utilizing the Oculus branding for its VR headsets, as a substitute calling them “Meta” merchandise.

The identify change, the plan for which was first reported by the Verge, is a big rebrand for Facebook, however not its first. In 2019 it launched a brand new brand to create a distinction between the corporate and its social app.

The firm’s status has taken a number of hits in latest years, together with over its dealing with of person knowledge and its policing of abuses resembling well being misinformation, violent rhetoric and hate speech. The US Federal Trade Commission has additionally filed an antitrust lawsuit alleging anticompetitive practices.

“While it’ll help alleviate confusion by distinguishing Facebook’s parent company from its founding app, a name change doesn’t suddenly erase the systemic issues plaguing the company,” stated Mike Proulx, analysis director at market analysis agency Forrester.

The plans to part out the Facebook identify even from merchandise like video calling machine Portal present the corporate is keen to stop the unprecedented scrutiny from hurting the remainder of its apps, stated Prashant Malaviya, a advertising professor at Georgetown University McDonough School of Business.

“Without a doubt, (the Facebook name) is definitely damaged and toxic,” he stated.

Zuckerberg stated the brand new identify, coming from the Greek phrase for “beyond,” symbolized there was at all times extra to construct. Twitter CEO Jack Dorsey on Thursday tweeted out a distinct definition “referring to itself or to the conventions of its genre; self-referential.”

Zuckerberg stated the brand new identify additionally displays that over time, customers won’t want to use Facebook to use the corporate’s different providers.

In 2015, Google reorganized to create a brand new holding firm referred to as Alphabet, as the favored search engine broke into new fields resembling self-driving vehicles, high-speed broadband and expanded its cloud enterprise. Snapchat additionally rebranded to Snap Inc in 2016, the identical yr it launched its first pair of sensible glasses.

Facebook, which this yr launched its personal pair of sensible glasses with Ray-Ban, introduced a slew of latest AR and VR product updates throughout Connect. These included a means for individuals utilizing its Oculus VR headset to name buddies utilizing [Facebook Messenger]`(https://gadgets.ndtv.com/tags/messenger) and for individuals to invite others to a social model of their dwelling, dubbed “Horizon Home.”

Zuckerberg additionally confirmed video demos of what the metaverse may seem like, with individuals connecting as avatars and being transported to digital variations of assorted locations and time durations. He stated that the metaverse would wish to be constructed with security and privateness in thoughts.

© Thomson Reuters 2021




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Source: gadgets.ndtv.com