Facebook CEO Mark Zuckerberg has confirmed the tech giant will rebrand to Meta, its new holding company.
On October 29, Zuckerberg unveiled the new name at Facebook’s annual AR/VR conference.
Zuckerberg revealed the new name at Facebook’s annual AR/VR conference on Thursday, where he outlined the company’s virtual-reality vision for the future.
He said Meta was “the next chapter of social connection” but further noted apps wouldn’t change.
“Meta is helping build a future where people have more ways to play and connect in the metaverse [and in 3D],” said Zuckerberg.
“The names of the apps that we build—Facebook, Instagram, Messenger and WhatsApp—will remain the same.”
The CEO went on to say that the metaverse, a digital world which will, among others, include the virtual reality headsets and augmented reality “will be the successor of the mobile internet.”
“We’ll be able to feel present – like we’re right there with people no matter how far apart we actually are.”
Meta will also encompass virtual reality brand Oculus.
Facebook recently reported substantial growth of its virtual reality segment, meaning VR brands like Oculus will start reporting revenue separately.
Products will also be divided in two categories: family apps such as including Facebook, Instagram, Messenger and WhatsApp; and reality labs.
Zuckerberg targets one billion people for his metaverse project in the next decade, meaning that by 2031, Meta hopes that with its futuristic digital plan, this number will be hooked, customizing their avatars and digital spaces, decorating a digital office with pictures, videos and even books.
Meta imagines a world of virtual users meeting yet far apart, attending a concert yet in different parts of the world.
“When I send my parents a video with my kids, they’re going to feel like they’re right in the moment with us not peering through a little window,” Zuckerberg said.
“The best way to understand the metaverse is to experience it yourself. It doesn’t fully exist yet.”
Before the October 28 rebrand, Facebook already had two metaverse projects.
Both launched in 2020, the projects are Horizon World and Horizon Workrooms.
The former allows users to invite friends over into their digital world while the latter does the same for place of work settings.
In the multiverse project, Zuckerberg’s Meta has set aside $150m to developers to create new apps, games and immersive programs.
Other reports say the company has injected $10bn in 2021 alone for the metaverse project.
The rebrand comes six years since Google changed to a new holding company that put subsidiaries such as search engine Google, video app Youtube and self-driving car firm Waymo under Alphabet.
The rebrand from Facebook to Meta comes on the heels of Facebook Papers leaked by whistleblower Frances Haugen exposing the tech giant’s exposed toxic business practices and internal knowledge of its long-term negative public health impact.
In recent years, Facebook has also faced several public relations crises. For example, the Federal Trade Commission (FTC) sued the tech giant while its officials were grilled in several congressional hearings.
In 2019, the FTC fined Facebook $5bn for deceiving users.
Additional Reporting: Courtesy