Facebook CEO Mark Zuckerberg has announced that its new name will be Meta. The change only applies to the parent company and not its individual platforms, such as Facebook, Instagram and Whatsapp.
Mark Zuckerberg said, “The next platform will be even more immersive — an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build.”
Zuckerberg wrote in a blog post that the company’s corporate structure would not be changing, but how it reports financial results will. “Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs” he explained. “We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1.”
Explaining more about the name change, the company said, “The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company.”
Zuckerberg announced the new name as he unveiled plans to build a "metaverse" - an online world where people can game, work and communicate in a virtual environment, often using VR headsets. He said the existing brand name didn’t "possibly represent everything that we're doing today, let alone in the future", and therefore needed a change.
Watch the full Connect event here where Zuckerberg announced the name change: