This archive report was first published on 28 October 2021.
On October 28, 2021, Facebook, the parent company of Facebook, WhatsApp, and Instagram, announced a rebranding to Meta. This move is aimed at focusing on building the metaverse, a shared virtual world that people can access via the internet.
According to Mark Zuckerberg, CEO of Meta, the new company name reflects the company's shift in focus towards building the metaverse. In his Founder's Letter, 2021, Zuckerberg stated, 'We are at the beginning of the next chapter for the internet, and it's the next chapter for our company too.'
The metaverse refers to a shared virtual world that people can access via the internet, built around Augmented and Virtual Reality. Users will be able to immerse themselves in digital content rather than just experiencing it through screens.
Meta has already stated that starting in the fourth quarter of 2021, they will report financial results of its augmented and virtual reality labs as separate units. The rebrand is meant to help the company focus on building the next online experiences.
According to Meta, 'The metaverse 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.'
Mark Zuckerberg added, 'The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology.'
Other Developments ¶
Meta has stated that the corporate structure will not be changing, and how data is used and shared will also not change. However, starting December 1, the company will be shifting to the stock ticker MVRS, which it has already reserved.
