Facebook Inc. (NASDAQ: FB) is renaming itself, Meta, separating its corporate identity from the toxic social network of the same name, and emphasizing a move to an emerging computing platform centered on Augmented Reality and Virtual Reality.
Name change part of a strategy to build Metaverse
CEO Mark Zuckerberg said during the virtual Connect conference:
The Metaverse is the next frontier. From now on, we’re going to be metaverse-first, not Facebook-first.
The name change is the clearest indication yet that the corporation intends to build its future on a new computing platform called the Metaverse, which originated in the minds of science fiction writers. People will gather and interact in virtual surroundings, according to Meta’s vision.
The new name will have no impact on how the company utilizes or shares data, and the organization’s structure will remain the same. Apps such as Facebook’s biggest social network, Instagram, and WhatsApp will retain their names. On December 1, the company’s stock will begin trading under the ticker MVRS.
The company hopes to convert its global social-media users of more than 3 billion people into an audience embracing immersive virtual reality experiences through devices powered by virtual and augmented reality software, a market that Meta and its competitors are already aggressively pursuing. Zuckerberg commented:
Right now, our brand is so tightly linked with one product that can’t possibly represent everything we’re doing today, let alone in the future.
Meta to have more controls
The CEO said that Metaverse would uphold the highest standards of privacy, parental control, and disclosures regarding data use that Facebook has been lacking. He commented:
Everyone who’s building for the Metaverse should be focused on building responsibly from the beginning. This is one of the lessons I’ve internalized from the last five years — that you really want to emphasize these principles from the start.
Metaverse development will allow Meta to minimize reliance on mobile OS and browser developers such as Apple and Google to deliver services. For example, in Q3 and Q4, Meta missed analysts’ sales estimates due to Apple’s change in rules regarding data apps such as Instagram and Facebook that can collect from users. Sanford C. Bernstein analyst Mark Shmulik said:
At some point, over the next decade, there is going to be a new computing platform. So their view is like when it does change over, we want to be — for lack of a better word — the Apple or the Google.
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