If you’ve been living under a ‘Capstone’ (I’m so corny), Mark Zuckerberg, Facebook CEO and frontman, announced Thursday that the parent company Facebook will be unapologetically changing its name to Meta, which is short for Metaverse.
The name change will not change the company’s structure, but it will change how financial results are shared, Zuckerberg announced in a blog post. “Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs,” he explained. “We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.”
For those wondering, the app where your momma tags you in old baby photos will still be known as Facebook. The other family of social media apps will also keep their names and all brands will now exist under the Meta umbrella.
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GIF: Meta
This branding refresh has been explained by Zuckerberg to more holistically represent the different platforms and technologies that the parent company offers and better personifies the future business direction – it’s not just about the original “blue” app.
“We are a company that builds technology to connect,” Zuckerberg said. “Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.” And it is in this economy, the Metaverse, that Zuckerberg is boldly betting billions (say that 3 times fast).
Based on a dystopian novel, Snow Crash, in which people flee the crumbling real world to be fully immersed in a virtual one, Zuckerberg envisions the Metaverse to serve as a virtual respite. He believes (and is strategically positioning) that over the next decade people will be spending a lot of time fully immersed in fully immersive products, including 3D internet experiences and virtual reality.
Zuckerberg is reportedly gearing his teams (and hiring new talent – job alert) to build technology that could one day let you show up in a virtual space as a full-bodied avatar, or appear as a hologram of yourself on OSU’s campus. In addition, the company plans to launch a high-end, mixed reality headset that will rival the Hololens 2 and a pair of light(er) weight AR glasses that look and feel like a normal pair of glasses.
With the heavy brand baggage and recent allegations, many critics are saying that Mark is trying to shield Facebook and disconnect the other brands from whatever “smoke” Facebook receives from the company’s recent missteps. There were also reports that suggest concern that Facebook is losing traction with the younger demographic, which many also speculate as a one of the driving factors behind the makeover.
With Facebook as the parent company, this continued backlash could have a greater impact on the other platforms’ future success.
Social media has been having a field day roasting Mark & co. for these new design choices. We’ll see how this plays out over time. For now, following are a few thoughts brought to you straight from the Twitterverse – the other respite:
So, there you have it. Big strategic innovation play or political “Nip-and -Tuck”? What do you think?
They should’ve taken a page from Prince’s book and just changed their name to a symbol.
Next week, back to our normally scheduled programming.
