Last Updated on 22/11/2021 by Sunaina
According to a source with firsthand knowledge of the situation, Facebook plans to change its corporate name next week to reflect its focus on developing the metaverse.
The upcoming name change, which CEO Mark Zuckerberg wants to discuss at the company’s annual Connect conference on October 28th, is intended to signify the internet giant’s goal to be recognised for more than social networking and all of its faults.
According to the Verge, the renaming would position Facebook’s social network app as one of many products under a parent organization that will also manage groups like Instagram, WhatsApp, Oculus, and others.
This is not the first time this has happened in Silicon Valley. In 2015, Google formed Alphabet Inc as a holding company to handle a variety of different enterprises ranging from its autonomous car unit and health technologies to delivering internet services in distant regions.
According to the report, the rebranding would also reflect Facebook’s focus on developing the so-called metaverse, an online world where individuals can utilise various gadgets to travel and interact in a virtual environment.
Furthermore, Facebook has made significant investments in virtual reality (VR) and augmented reality (AR), with the goal of connecting its almost three billion users via a variety of devices and apps. It intends to generate 10,000 jobs to aid in the development of the metaverse over the next 5 years.
Since July, Zuckerberg has been promoting the term “metaverse,” which was conceived in a dystopian novel three decades ago and has been used by other internet companies such as Microsoft. Let’s hope the buzz was worth the buzzing!