On 28th Oct 2021, Mark Zuckerberg announced that Facebook is renaming itself to “Meta” to encompass its expanding technology and role in what it calls “the metaverse.” Facebook owns apps such as WhatsApp, Instagram, Oculus VR, and more. In July this year, Zuckerberg told The Verge that over the coming years Meta would “effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”
So what’s the Metaverse?
Mark Zuckerberg explains in his founder’s letter: “You will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parent’s living room to catch up.”
- “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,”
He gave marketers a clue about the opportunities that lie ahead and how the company is invested in them. It is said that the company will spend $10 billion over the next year on technologies needed for building its metaverse.
The announcement said, “Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs.”
“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.”
Controversy Post Rebranding
Post the rebrand, whistleblower Frances Haugen’s revelations have Facebook under fire for its practices, morals, and social impact.
Zuckerberg pointed out in his founder’s letter that Meta’s metaverse may offer exciting avenues, especially for the digital industry.
Facebook is already a destination to discover local businesses. But, from a branding standpoint, we simply can’t look away from a branding fail, and “Meta” just feels like one.