Facebook Rebrands, Gets A New Name
The Chief Executive Officer of Facebook, Mark Zuckerberg, has announced the social media giant, Facebook will be re-branding and change the name of its holding company to Meta, in a rebrand that comes as the company faces a series of public relations crises.
This online news platform understands that the Facebook CEO made the announcement at the Facebook’s annual conference Thursday, where he outlined his vision for the metaverse – a digital world built over our own, comprising virtual reality headsets and augmented reality. “We believe the metaverse will be the successor of the mobile internet,” Zuckerberg said.
According to the announcement, the new holding company, Meta will encompass Facebook, its largest subsidiary, as well as apps such as Instagram, WhatsApp and the virtual reality brand, Oculus.
Facebook has invested $10bn in its metaverse project in 2021 – double what it spends on safety and security on the platform. In recent earnings reports, the company announced its virtual reality segment had grown so substantially it would now report its revenue separately, dividing its products into two categories.
Those categories include a “family of apps” including Facebook, Instagram, Messenger and WhatsApp, and the “reality labs” products including AR and VR as well as any related hardware.
