Facebook announced in October 2021 that it would be changing its company name to Meta. This name change signifies Facebook’s focus on building the metaverse, a virtual reality space where users can interact, work, and play. The rebranding comes at a time when Facebook is facing scrutiny over its business practices and societal impact. Here are some key questions and answers about Facebook’s name change to Meta.
Why is Facebook changing its name to Meta?
Facebook founder and CEO Mark Zuckerberg stated that the name Meta reflects the company’s focus on the metaverse. In the metaverse vision, users will interact in virtual and augmented reality environments. Zuckerberg sees the metaverse as the next stage of social connection and the successor to the mobile internet. The rebranding aligns the company name with this future direction. However, the renaming also serves as an attempt to move past the negative publicity Facebook has faced in recent years.
Controversies facing Facebook
In the last few years, Facebook has dealt with various scandals and accusations, including:
- Privacy violations and data sharing with third parties
- The spread of misinformation and hate speech on its platforms
- Election interference and political manipulation of its platforms
- Antitrust violations and anti-competitive behavior
- Negative impacts of social media on mental health and society
The Meta rebrand appears designed to divert attention from these issues by focusing on the company’s future technology vision.
What will happen to Facebook’s existing apps and technologies?
Meta will be the new parent company name for Facebook and its other apps and technologies. However, the core Facebook app and branding will remain unchanged. Apps such as Facebook, Instagram, WhatsApp, and Oculus will continue to exist as before. Meta will essentially be the overarching brand, while Facebook remains as a product under this larger corporate identity. The Facebook app icon and design will stay the same. Users should not notice significant changes to their Facebook app experience as a result of the Meta rebranding.
Facebook’s existing apps and technologies
- Facebook – The core Facebook app and social media platform
- Instagram – Photo and video sharing app acquired by Facebook
- WhatsApp – Messaging app acquired by Facebook
- Oculus – Virtual reality brand and headset maker acquired by Facebook
- Workplace – Business collaboration tool by Facebook
- Portal – Video calling devices by Facebook
These apps and technologies will remain part of the Facebook brand and ecosystem under the Meta parent company.
Will users need new Meta accounts or profiles?
No, existing Facebook accounts will not change with the shift to Meta. Users will be able to keep using their current Facebook login credentials to access Facebook and other Meta-owned apps and services. There is no need to create new accounts or user profiles due to the name changeover. Meta will function as the overall corporate identity, not a separate social media platform. Your Facebook profile, friends, photos, videos, and all other account data will remain the same as before on Facebook after the rebranding.
What does this mean for Facebook’s stock ticker and investors?
Facebook’s stock ticker symbol also changed with the name change to Meta. Facebook’s stock ticker previously traded under FB on the NASDAQ stock exchange. The ticker symbol changed to META on June 9, 2022. The corporate structure remains the same, with shares of Meta Platforms Inc. continuing to trade on the NASDAQ. Investors who owned Facebook shares automatically became owners of Meta shares. The rename did not impact the stock distribution or shareholders’ economic interests.
| Company Name | Former Ticker Symbol | New Ticker Symbol |
|---|---|---|
| Facebook, Inc. | FB | META |
The stock ticker change aligned the trading symbol with the new Meta corporate identity. This made it easier for investors to recognize Meta stock and likely minimized confusion around the Facebook brand rename.
How will Meta’s focus on the metaverse affect Facebook?
Meta’s emphasis on building the metaverse will likely reshape Facebook’s app and platform over time. Company leadership has indicated that Facebook eventually could transition from being a social media company to a metaverse company. This means core parts of the Facebook experience, such as the News Feed and social connections, could evolve to incorporate virtual and augmented reality.
Some potential impacts on Facebook due to Meta’s metaverse focus include:
- Addition of AR/VR capabilities for interacting with friends and content
- 3D avatar depictions used in place of photos and videos
- Virtual spaces for social gatherings instead of text and media sharing
- Gaming, shopping, working, and other activities woven into the platform
- Less emphasis on the familiar feed-and-profile-based social media
Major changes to Facebook and Meta’s other apps will likely roll out gradually over many years. However, Meta’s metaverse-centered outlook is expected to eventually revolutionize Facebook as new technologies emerge.
Meta’s metaverse goals
Meta has described its vision for the metaverse as a persistent virtual world where people can immerse themselves and move between different computing platforms. Key goals include:
- Building virtual reality headsets like Oculus Quest
- Developing augmented reality glasses and wearables
- Creating a seamless 3D experience combining VR and AR
- Building out social connection and community capabilities
- Supporting user-created content and ownership of digital assets
- Providing tools and services for creators
While parts of this vision remain conceptual, Meta is making substantial investments in metaverse research and product development. As the technology evolves, it is expected that Facebook’s apps will transition to being metaverse-centric platforms.
What does the Meta rebrand mean for Facebook’s future?
The name change to Meta signals that Facebook sees its future identity tied to the metaverse concept. Facebook’s apps will likely incrementally integrate metaverse technologies like VR, AR, 3D avatars, virtual worlds, and digital goods commerce. The social media aspects Facebook is known for today may ultimately recede or be reimagined within an immersive, virtual environment.
Meta aims to be at the forefront of shaping what the metaverse becomes and steering its responsible development. The company is investing heavily in R&D and hiring top talent in fields like ethics, AI, and hardware engineering to bring this sci-fi vision to reality.
For now, Facebook the social media platform remains Meta’s core product and revenue driver. But in the coming years, Facebook may evolve into a portal leading to various immersive, shared metaverse spaces. Meta sees this as the next frontier of social connection, entertainment, and creativity.
Potential benefits of Meta’s metaverse future
- More immersive and engaging experiences for users
- Seamless blending of digital and physical worlds
- Ability to visually interact with remote coworkers and friends
- New creative, commercial, and economic opportunities
- Technological breakthroughs in sectors like materials, robotics, and neuroscience
Potential risks of Meta’s metaverse future
- Heightened concerns over privacy, screen addiction, misinformation
- Widening gap between technological “haves” and “have-nots”
- Unforeseen consequences from extended reality technologies
- Danger of corporate control over vital virtual and economic spaces
- Threats to physical and mental health if users overimmerse
Realizing the metaverse in an ethical, inclusive way will be a major challenge as Meta shapes its development. But the Meta rebrand signals Facebook staking its future on building this next computing platform centered on social connection.
Conclusion
Facebook’s rebranding as Meta reflects its ambitions to develop the next generation of virtual social experiences known as the metaverse. While the core Facebook app and its other services like Instagram will remain unchanged for now, Meta aims to gradually transition these into immersive, 3D social environments integrated across technologies like VR and AR. Major investments in hardware, software, creativity tools, and ethics principles aim to responsible guide Meta’s building of this emerging metaverse. If successful, Meta could reshape social media, entertainment, work, and commerce into a seamless virtual future intertwined with physical reality. However, challenges remain around protecting user wellbeing, privacy, and preventing harms within these virtual spaces. As Meta seeks to drive progress towards its metaverse vision, continual public accountability will be key to ensuring this next computing platform puts people first and develops as an equitable, ethical technological advancement.