Facebook has changed its name to “Meta” in a shift away from social media and towards developing “the metaverse,” a digital world that could be the next generation of the internet. Here’s what they have planned.
AGENCIES: Social media giant Facebook is changing its name to “Meta” as part of a rebrand meant to highlight the company’s new focus on developing “the metaverse.”
“From now on, we’re going to be metaverse first, not Facebook first,” CEO Mark Zuckerberg said Thursday.
A week after teasing the news of the name change, Zuckerberg made the announcement on Thursday in a keynote address at Facebook Connect, the company’s annual in-house virtual reality conference. The 37-year-old founder has spent much of the past year talking up this pivot. He has said he expects people will one day know Facebook as a “metaverse company” more than a social network.
Zuckerberg describes the metaverse, which he sees as the next generation of the internet, as a virtual environment that will allow people to be present with each other in digital spaces.
“Within the metaverse, you’re going to be able to hang out, play games with friends, work, create, and more,” the CEO said in a recent earnings call. “You’re basically going to be able to do everything that you can on the internet today as well as some things that don’t make sense on the internet today, like dancing.”
Why is Facebook doing this?
This flashy endeavor at least temporarily distracts from Facebook’s unending barrage of bad press. For years the social media giant has been under fire for encouraging the spread of misinformation and for its opaque policies around user data. Matters have only gotten worse in recent months after a whistleblower exposed many of the company’s secrets.
At the same time, the social platform is falling out of favor with younger users. Many are instead flocking to the Chinese-owned video app TikTok. Facebook makes money by selling targeted advertisements to marketers. But if user numbers dwindle, advertising revenue will, too.
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