On Thursday, Facebook announced the rebranding of the company as Meta.
The name change was announced during the Facebook Connect conference on augmented and virtual reality. The company’s expanding goals beyond social media are reflected in the new moniker. Facebook’s new moniker, Meta, is based on the sci-fi phrase metaverse and describes the company’s ambition for working and playing in a virtual environment.
“Today, we are viewed as a social media firm, but our DNA is that we build technology to link people, and the metaverse is the next frontier, just as social networking was when we began,” Meta CEO Mark Zuckerberg stated.
Additionally, the firm announced in conjunction with the new name that it will change its stock symbol from FB to MVRS on Dec. 1.
On Thursday, Meta’s stock price increased.
In July, the business announced the development of a metaverse team. Two months later, the business announced that Andrew “Boz” Bosworth, the company’s current head of hardware, would be promoted to chief technology officer in 2022. Additionally, the business stated on Monday that it will separate Reality Labs, its hardware subsidiary, into its own reporting section beginning in the fourth quarter.
“Our ambition is that the metaverse will reach a billion people within the next decade, house hundreds of billions of dollars in digital commerce, and support millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.
The business has increased its hardware efforts in recent years, offering a range of Portal video-calling devices, the Ray-Ban Stories glasses, and several versions of the Oculus virtual-reality headgear. The corporation has hinted that augmented and virtual reality will play a significant role in its future strategy.
Additionally, the business announced this week that it will invest approximately $10 billion over the next year in creating the technology necessary to establish the metaverse.
Zuckerberg demonstrated the company’s metaverse ambitions on Thursday.
The demo consisted of a Pixar-style cartoon depicting the software the business aims to develop someday. The demo featured individuals interacting with their virtual selves as cartoon-like replicas of themselves or fanciful entities, such as a robot. Zuckerberg used a portion of it to accuse rival technology companies of suffocating innovation through excessive developer fees.
According to Zuckerberg, much of this is still years away, with components of the metaverse maybe becoming widespread in five to ten years. Zuckerberg noted that the business plans to “spend many billions of dollars for years to come” before the metaverse reaches scale.
“We anticipate the metaverse will be the mobile internet’s replacement,” Zuckerberg stated.
Additionally, Meta introduced Project Cambria, a new virtual reality headgear. The item will be more expensive than the $299 Quest 2 headset, the company revealed in a blog post. Zuckerberg stated that Project Cambria will be released next year.
Additionally, Meta revealed the codename for its first fully augmented reality-capable smart glasses: Project Nazare. The business stated in a blog post that the spectacles are “still a few years away.” “We still have a ways to go with Nazare,” Zuckerberg stated, “but we’re making good progress.”
The rebranding follows a blitz of press reports over the last month following the leak of a trove of internal corporate records to news outlets, MPs, and regulators by Frances Haugen, a former employee turned whistleblower.
The studies indicate that the firm is aware of many of the problems caused by its apps and services but either fails to correct them or struggles to do so. Over the next few weeks, additional documents are scheduled to be published daily.
On Monday, on a conference call with analysts, Zuckerberg vehemently denied the claims and criticisms contained in the stories based on Haugen’s documents.