Cover News Reporter Yan Lei
On October 28th local time, Zuckerberg revealed the long-awaited new name of the company: "Meta" at the event of the company Facebook (Facebook). Meanwhile, Facebook will be downgraded to one of the company's subsidiaries, alongside Instagram and WhatsApp, rather than the overall brand name.
Facebook renamed Meta
Zuckerberg announced the name change at the Facebook Connect conference, with the new name "Meta" coming from the science fiction word Metaverse. Zuckerberg said the new name is more in line with the company's growing concern about meta-universe . The metaverse refers to the formation of a brand new virtual universe in the new network field by using the combination of VR and AR technology.
Zuckerberg said on the same day, "As we start a new chapter, I have been thinking about our identity. Facebook is one of the most used products in world history. It is an iconic social media brand, but it is increasingly unable to cover everything we have."
Zuckerberg said that he likes to study classical literature in school. The name comes from the meta in Greek , which means "beyond (beyond).
"Over time, I hope our company will be seen as a metaverse company," Zuckerberg elaborated on his vision for the metaverse, which is the key to Facebook's appeal to young users. "We've walked from the desktop through the internet to the phone, from text through photos to video, but that's not the end yet. The next platform and media will be the more immersive and concretized internet, which we call the meta-universe."
Zuckerberg also said: "Today, we're seen as a social media company, but in our genes, we're a company that builds technology to connect people, and the meta-universe is the next frontier, just like the social network we were when we first started."
Transformation from social media to meta-universe company
Facebook is one of many big tech companies that focus on the meta-universe.
Microsoft , Nvidia, Unity Software and some other companies have said they are developing tools, services or content for the metaverse. In addition, Roblox and Epic Games have held virtual concerts, with millions of people present as incarnations.
Similarly, virtual reality applications such as “Rec Room” and “AlspaceVR” allow people to socialize as avatars. Some tech industry forecasters say that this experience will evolve into a near-lifestyle future.
Zuckerberg said it will take time for Facebook to make money through the meta universe. "Building a basic platform for the metaverse will be a long road. In the second half of the next decade, we will expect this to be a more realistic business story."
Fcebook stated as early as May this year that it would transform into a metaverse company within five years. In the Q3 financial report meeting, it also mentioned that the company will continue to invest US$10 billion in its AR and VR department Facebook Reality Labs by the end of 2021. Zuckerberg said that tens of billions of dollars will be invested in the metaverse in the future. He said the company is building a social platform for the Metauniverse called Horizon, whose beta version began launching last year. Currently, Facebook is working to introduce Messenger calls into virtual reality, where people can easily explore the virtual world or play games together.
This time the name change is intended to reshape the brand?
Zuckerberg explained in detail in a post that the company's structure will not change, but the way of financial reporting will change. Starting from the fourth quarter of 2021, there will be financial reports from two operating departments: Family of Apps and Reality Labs.
He also announced that starting December 1, trading will be carried out using the new stock code MVRS.
Facebook has been under strict scrutiny in the past few weeks, and the "whistleblower" Haugen exposed many inside stories about Facebook, causing an uproar. The public is increasingly dissatisfied with the adverse effects Facebook’s Instagram platform has had on teenagers, and antitrust regulators are pushing for the company to be dismantled. Foreign media have repeatedly revealed a series of reports that Facebook knows that its platform is full of loopholes and will cause harm.
's name change is considered by the outside world to be an effort to reshape Facebook's brand and reverse the situation.
The reason given by Zuckerberg is that the Metaverse will become the successor of the mobile Internet. "We hope that in the next ten years, the Metaverse will cover 1 billion people, achieve hundreds of billions of dollars in digital commerce, and provide employment support for millions of creators and developers."
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