Facebook is changing its name to Meta, the U.S.-based tech company known for their namesake social media app and founder Mark Zuckerberg announced this week that they will be rebranding on Thursday as part of a shift towards “helping people build their future.”
After a series of leaks and whistleblower claims, Mark Zuckerberg has sought to project the vision for his company beyond traditional social media. He believes that they can be more than just content providers with their big data archive in order create what he calls “a metaverse.”
The metaverse is an online social experience that has been adopted into the physical world. Facebook owns virtual reality and augmented reality game development, as well as office spaces designed for interaction with their employees in three dimensions or projected onto our real lives.
“We have a new name that reflects the full breadth of what we do and the future that we want to help build,” said Zuckerberg. “From now on, we’re going to be metaverse first, not Facebook first.”
Beginning in the December quarter, Facebook will break down its financial reporting segments into two parts: a nascent “Facebook Reality Labs” business that focuses on metaverse-related operations and social media apps.
The company said it may take decades to achieve its metaverse vision, since most of the technologies required are still in development.
“Building social apps will always be important for us, and there’s a lot more to build. But increasingly, it’s not all we do,” Zuckerberg said. “In our DNA, we build technology to bring people together. The metaverse is the next frontier in connecting people, just like social networking was when we got started.”
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