Rather than being known as Facebook, the company will now go by the moniker Meta Platforms Inc. A new logo went along with the name change, which featured an infinite symbol (eerily similar to Hyperloop’s emblem).
“We are at the beginning of the next chapter for the internet, and it’s also the next chapter for our firm,” CEO Mark Zuckerberg wrote in a message to employees.
With an embodied internet, you’re part of the experience rather than just gazing at it; that’s the next step. It’s something we call the metaverse, and it will affect everything we construct from now on,” he said.
However, why is this the case? It’s hardly surprising that the move is supposed to signify the company’s desire to be known for more than just social networking. Following the whistleblower’s findings, the US government is stepping up the inspection of its business operations.
In the far future, in the metaverse
As the firm describes, this will be a hybrid of today’s online social encounters, enlarged into three dimensions at times or projected into the physical world at other times.
After a quarterly results call in July, Zuckerberg had stated that Facebook’s future resides in the metaverse.’
According to a recent press release, the company intends to hire 10,000 individuals across Europe by 2020 to help with the metaverse’s construction. The corporation will invest a further $50 million to partner with non-profits to develop the virtual world sustainably.
VR and AR have been major focus areas for the company, which plans to connect its roughly three billion customers via various devices and apps shortly.
What, therefore, is different and what hasn’t?
The app’s name will remain the same, but Zuckerberg says the corporation as a whole will put more emphasis on the “metaverse.” Individual platforms like Instagram and WhatsApp will not be affected by the shift because they will stay under the Meta umbrella.
While the company structure will remain the same, how it discloses its financials will change, according to the firm.
According to the corporation, starting in the fourth quarter of 2021, earnings will be split between two operating segments: Family of Apps and Reality Labs.
On December 1, the business plans to begin trading under the new ticker ‘MVRS.’
However, the firm has underlined that the renaming announcement will have no impact on how it uses or shares data in the future.
As described by its creators, a meta will be like a cross between today’s online social experiences and those of the future.
“Immersive experiences can now be shared even when individuals aren’t physically present, and things can be done that can’t be done in the actual world. A new era has begun for our organization with the introduction of this social media platform, “it was written.