This archive report was first published on 28 October 2021.
Facebook's New Era: Embracing the Metaverse ¶
Published on October 28, 2021, Facebook Inc. has rebranded itself as Meta, marking a significant shift towards a metaverse-focused future.
Mark Zuckerberg, Meta's CEO, emphasized the need for an immersive platform, bringing users more experiences in more formats. He stated, 'When I started Facebook, we mostly typed text on websites. When we got phones with cameras, the internet became more visual and mobile. As connections got faster, video became a richer way to share experiences.'
Meta's vision is to create a metaverse where users can teleport instantly as holograms, reducing the need for physical commutes and increasing opportunities for people worldwide. The company aims to make its devices available to more people by selling them at cost or subsidized.
Meta plans to offer developer and creator services with low fees, maximizing the creative economy. The company has also announced new tools, including the Presence Platform, to help people build for the metaverse.
Mark Zuckerberg expects Meta to reach a billion users within the next decade, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.
Facebook's rebranding is not the first instance of a company changing its name. Google rebranded to Alphabet in 2015, but its products are still widely referred to as Google.
