Twenty-four hours back, Facebook changed its corporate name and logo as part of a significant rebrand.
The company said it would work better as it expands its reach beyond social media into sectors such as virtual reality (VR). However, the move does not affect the parent company's separate services, such as Facebook, Instagram, or WhatsApp.
The action comes in the wake of a string of unfavourable reports about Facebook based: information obtained by a former employee. Frances Haugen accused the company of putting "profits over safety".
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Mark Zuckerberg, Facebook's CEO, introduced the new name with plans to construct a "metaverse". An online world where people may game, work, and chat in a virtual environment, often using virtual reality headgear.
He said that the current brand could not "possibly represent everything that we're doing today, let alone in the future" and that it needed to evolve.
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During the unveiling, Mark stated, "Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we're building towards," he told a virtual conference.
"We're now looking at and reporting on our business as two different segments, one for our family of apps and one for our work on future platforms.
"And as part of this, it is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build."
The firm debuted a new logo on Thursday at its Menlo Park, California, headquarters, replacing the thumbs-up "Like" icon with a blue infinity form.
Furthermore, Mark said that the new name reflects that customers would eventually be able to access the company's other services without using Facebook.
The term "meta" is derived from the Greek word for "beyond."
A metaverse may seem to be a more advanced kind of virtual reality to the uninitiated, but others think it might represent the internet's future.
Instead of using a computer, individuals in a metaverse may utilise a headset to join a virtual world that connects many digital settings.
Besides, the virtual environment is intended to be utilised for almost anything: work, recreation, and concerts, as well as socialising with friends and family.
Facebook said that it would begin trading its shares under the new ticker symbol MVRS on 1 December.
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The company's image has been battered on many occasions. The Washington Post revealed that Facebook concealed critical information regarding vaccination disinformation from officials during the epidemic.
It was the latest in a series of reports based on papers supplied to the media by ex-employee Ms Haugen.
Among other things, the investigations allege that Facebook withheld vital studies. Studies demonstrate that Instagram was detrimental to adolescent mental health. Also, how facebook struggled to eliminate hate speech from its platforms outside the United States.
Moreover, it's challenging to come up with a new company name. Mark claims he picked Meta for its Greek meaning of "beyond." Additionally, it refers to the "Metaverse," an online virtual sanctuary he aspires to create.
The name Meta might not stick; here is why:
First:
The move seems to be an attempt by Facebook to deflect attention away from the myriad of unfavourable news swirling about the corporation. According to critics, Facebook took this action in response to the brand becoming toxic. Senators have already dismissed the name change, with one referring to it as "cosmetic."
Second:
"Metaverse" isn't even ready yet. Mark was emphatic in his emphasis on the product's long-term nature.
Thus, having a name entirely unrelated to your primary service is probably a little abnormal. Facebook earns almost all of its income from advertising on Facebook and Instagram.
Third:
We are aware that previous attempts at rebranding Big Tech have failed. For example, almost no one refers to Google as "Alphabet," the company's name relaunched in 2015.
However, what is evident is that Mark's enthusiasm for Instagram and Facebook has waned. He is passionate about building virtual environments that he believes will revolutionise the human experience. Constant criticism of his social media firms' operations must be taxing. This reorganisation may enable him to concentrate more on the areas of the firm that fascinate him.
The changes make sense in that aspect. However, we will have to wait and see whether people will go along with it.
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