There have been reports that Facebook is planning to change its name, a move that will help people separate the parent company from the social media platform. Today, the tech giant revealed its new name is Meta.
The name was revealed by Mark Zuckerberg during the company’s Connect event. Meta will be the name of the parent company that owns Facebook, Instagram, WhatsApp, and Quest (Oculus is being retired). Think of it as the way Alphabet is the parent company of Google, Google Ventures, Waymo, Fitbit, Wing, etc.
Following the announcement, folks have renamed the acronym FAANG which stands for Facebook, Amazon, Apple, Netflix, and Google to MANGA – Meta, Amazon, Netflix, Google, and Apple.
The change in name doesn’t come with a change in the company’s corporate structure according to Mark Zuckerberg in a blog post. However, financial reports will be different starting with Q4 2021. The company’s financial reports will be split into two – Family of Apps and Reality Labs. It will also trade under “MVRS” on the stock exchange.
In an interview with The Verge, Mark Zuckerberg disclosed that he has been thinking of rebranding the company since he acquired Instagram and WhatsApp. The change in name is also one of the steps the company is taking towards building the metaverse – “an internet platform that will be more immersive” and “with a feeling of presence like you are right there with another person or in another place.”
VR is the future of Meta(verse)
VR will be the backbone of the metaverse as Meta plans to bring 1 billion people into VR. To achieve this goal, the company has revealed it plans to sell its devices at cost or subsidized to make them reach more people. It will also continue to support side-loading and streaming from PCs to provide users with options rather than forcing them to use the Quest Store.
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