Update as of 10/28/21: Facebook has announced the company will now be called ‘Meta.’ This was shared by CEO Mark Zuckerberg at the annual Connect conference. The statement posted through their news page said “corporate structure is not changing, however, how we report on our financials will. 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.“
On Wednesday, a report by the Verge said that Facebook plans to rebrand to a new name focused on the metaverse by next week.
Why would Facebook change its Name?
Their sources shared that the company, made up of multiple networks (Facebook, Instagram, WhatsApp & more) wants to be known for more than being a social network. Additionally, this would potentially open the door for more augmented reality and virtual interactions.
This may be a similar move to when Google announced it was restructuring itself as Alphabet, as the parent company overseeing all products and businesses. Of course, opinions can vary on the true reasons for the name change and if the name switch is more than meets the eye. We asked our team to provide their thoughts on as to why Facebook would change its name:
Although some might think a name change is in direct response to the current negativity that is surrounding the platform, the change is a natural progression in Facebook’s evolution bringing its platforms under one leading brand. An attempt to change their name just to avoid any type of negative press or controversy would just bring them under further fire and speculation. That’s not how Facebook operates, and it’s not the future direction into which they’re looking to move.”– Julius Vaughn, Digital Media Specialist, Chacka Marketing
This may be a similar move to what Google did a few years ago to protect Facebook from the magnifying glass they have been put under with congress and the FCC.”– Shane Ragiel, Senior Director of Strategy, Chacka Marketing
Changes that Likely Mean this is Happening
Facebook shared that the company is hiring 10,000 people in Europe who will be creating this metaverse. The Verge also shared that CEO Mark Zuckerberg will announce the name change on October 28, at the annual company Connect conference.
We will share more Facebook (or metaverse) news as it develops and how it could potentially impact accounts. Make sure to check back with the Chacka blog or our Twitter page for more updates!