According to The Verge, Facebook is planning to rebrand itself with a new name in order to focus on building the metaverse – a new phase of interconnected virtual experiences using technologies like virtual and augmented reality.
Mark Zuckerberg, CEO of Facebook will announce the new name change at the company’s annual Connect conference on October 28th. The change is supposed to symbolize the tech giant’s goal to be known for more than just social media.
The rebrand would most likely portray Facebook as one of many products managed by a parent company that also manages Instagram, WhatsApp, Oculus, and other services.
What you should know
Facebook revealed plans to hire 10,000 people in Europe over the next five years to help create the metaverse, which the company regards as critical to its long-term success.
According to Facebook, the metaverse has the potential to help unlock access to new creative, social and economic opportunities.
The company hopes that by creating a greater sense of “virtual presence”, interacting online can become much closer to the experience of interacting in person.
The rebranding comes as Facebook is under fire for a number of controversies, including a series of internal papers revealed by whistleblower Frances Haugen, who appeared before the Senate Committee on Commerce, Science, and Transportation. The US government is still investigating Facebook for antitrust violations.
Facebook isn’t the only tech company that has changed its name. Google restructured fully under the Alphabet holding company in 2015, partly to emphasize that it was no longer just a search engine.