Mark Zuckerberg has announced a name change for the company Facebook. From now on, this will be called Meta and with that he wants to focus on the development of the ‘metaverse’. All apps in the wallet will keep their names, including Facebook.
CEO Mark Zuckerberg made the announcement during the Facebook Connect event, setting out the company’s vision for the future and making new product announcements. For example, Meta, the former Facebook, announced that it is working on ‘the next evolution of the internet’, the so-called metaverse.
The social network Facebook will keep that name. The names Instagram and WhatsApp will not change either. Meta is the new umbrella name of the company; previously it was Facebook. That’s similar to what Google did in 2015, when it announced a new corporate structure and grouped itself under parent company Alphabet.
Meta is working towards ‘the metaverse’ in various steps and will focus on, among other things, a virtual home environment, a virtual work environment, the creation of personalizable avatars, which must also become photo-realistic in the future, VR and AR games, education and fitness applications.
Facebook’s underlying corporate structure will not change, according to CEO Zuckerberg. Meta will make a distinction in the company’s next quarterly results between its apps and other ‘Reality Labs’ activities that fit in with a broader Metaverse story. There will also be a new stock market abbreviation, MVRS.