Meta Platforms, Inc., formerly known as Facebook, Inc., is a technology and social media conglomerate based in Menlo Park, California. Founded by Mark Zuckerberg in 2004, Meta has grown into one of the largest technology companies in the world through mergers, acquisitions, and the development of new products and services.
Key Acquisitions
Over the years, Meta has acquired dozens of companies that have helped expand its products and services. Some of Meta’s biggest and most notable acquisitions include:
- WhatsApp (acquired in 2014 for $19 billion)
- Oculus VR (acquired in 2014 for $2 billion)
- Instagram (acquired in 2012 for $1 billion)
- Onavo (acquired in 2013 for $120 million)
- tbh (acquired in 2017 for $100 million)
In addition to these major purchases, Meta has acquired smaller startups focused on things like computer vision, artificial intelligence, virtual reality, aerospace, and more. Some examples include Face.com (acquired in 2012) and Pebbles Interfaces (acquired in 2013).
Meta Family of Apps
Meta owns and operates some of the most popular social media platforms and messaging apps in the world. Here is an overview of Meta’s core apps and services:
Facebook remains Meta’s flagship product and largest source of revenue. Launched in 2004 as a social networking site for college students, Facebook has grown into a global behemoth with nearly 3 billion monthly active users worldwide. The platform includes features like News Feed, Stories, Groups, Marketplace, and more.
Instagram is a popular photo and video sharing app with over 1 billion monthly active users. Since acquiring Instagram in 2012, Meta has introduced new features like IGTV, Reels, Instagram Live, Instagram Shopping, and more. Instagram is especially popular with younger demographics.
WhatsApp is one of the most widely used messaging platforms globally, with over 2 billion monthly active users. The app offers encrypted messaging, group chats, voice and video calling, and more. WhatsApp is often the primary communications service in many international markets.
Messenger
Facebook Messenger allows users to communicate across the Meta family of apps. Messenger has over 1.3 billion monthly active users and supports both one-on-one and group text, voice, and video chats. Developers can also build chatbot experiences within Messenger.
Virtual Reality
Meta has invested heavily in virtual and augmented reality through its Oculus subsidiary. Meta currently produces several Oculus VR headsets, including:
- Oculus Quest 2 – An all-in-one wireless VR headset.
- Oculus Rift S – A PC-powered headset with built-in tracking.
- Oculus Go – An affordable standalone 3DOF headset.
In addition, Meta develops VR software and experiences through Oculus Studios and operates the Oculus Platform app store for VR content. As of early 2020, Meta had sold over 5 million Oculus headset units.
Workplace Collaboration
Workplace from Meta (formerly Workplace by Facebook) is an enterprise connectivity platform that helps teams communicate and collaborate. Workplace offers tools like groups, chat, video meetings, knowledge sharing, and integrations with third-party apps. Over 5 million users from global organizations use Workplace.
Meta Financial Technologies
Meta has also developed and acquired various financial technology solutions, including:
- Diem – A blockchain-based payment system and digital currency project.
- WhatsApp Pay – A P2P payments feature currently in limited release.
- Facebook Pay – Allows payments across Meta apps and services.
In 2022 and beyond, Meta is expected to continue investing heavily in payments, ecommerce, and financial services as potential future revenue streams.
Meta Hardware Efforts
Beyond software and virtual reality, Meta has made various attempts at releasing dedicated hardware devices, with mixed success:
- Oculus Quest 2 – Meta’s latest and most advanced VR headset.
- Portal – A line of smart display devices for video calls.
- Oculus Go – A low-cost standalone VR headset (discontinued in 2021).
- Oculus Rift – A PC-powered VR headset (discontinued in 2021).
Meta is also investing in futuristic “lifelike” avatars and neural interface technologies that blend virtual and augmented reality with the physical world.
Majority Stakes
In addition to outright acquisitions, Meta has acquired majority stakes in some companies while allowing them to operate independently. Two examples include:
- Mapillary (acquired 87% stake in 2020) – A street-level imagery and mapping company.
- Giphy (acquired majority stake in 2020) – A popular GIF search and sharing platform.
Minority Investments
Meta has also made minority investments in dozens of startups across the tech sector. Some of Meta’s investments include:
- Epic Games – Maker of Fortnite (acquired minority stake in 2020).
- Unacademy – India’s largest learning platform (invested $50 million in 2020).
- Vibrant Village – Empowers entrepreneurs in India (invested undisclosed amount in 2022).
- BACKGROUND – Virtual spaces for creators (invested undisclosed amount in 2021).
These investments allow Meta to gain exposure in emerging tech sectors and tap into new markets and demographics.
Defunct and Divested Companies
Not all of Meta’s products, acquisitions, and investments have been successful. Here are some notable divestments and closures:
- Parse – Back-end platform acquired in 2013, shut down in 2017.
- Moves – Fitness app acquired in 2014, shut down in 2018.
- Bonfire – Video chatting app acquired in 2016, shut down in 2018.
- Oculus Story Studio – VR content studio closed in 2017.
- Facebook Paper – News reader app shut down in 2016.
- Moves – Fitness tracking app acquired in 2014, shut down in 2018.
As Meta’s priorities and business strategies evolve, we are likely to see further pruning of underperforming products and services.
Research and Future Technologies
In addition to consumer products and services, Meta has research and development teams working on emerging technologies including:
- Artificial intelligence
- Augmented and virtual reality
- Computer vision
- Robotics and haptics
- Brain-computer interfaces
- Natural language processing
Some of Meta’s research labs and groups include:
- Facebook AI Research (FAIR)
- Facebook Reality Labs (FRL)
- Oculus Research
- Facebook Connectivity Lab
Research breakthroughs in these areas could enable new future products and experiences from Meta across the virtual and physical realms.
Conclusion
Meta has grown from a simple social networking app into a massive technology and social media ecosystem. Through continual acquisitions, research, and in-house product development, Meta now owns and operates:
- Leading social/messaging apps like Facebook, Instagram, WhatsApp, and Messenger.
- Virtual and augmented reality hardware, software, and content through Oculus.
- Enterprise communication platforms like Workplace.
- Emerging financial technologies and blockchain/cryptocurrency projects.
- An array of future-focused research labs across critical technological domains like AI, computer vision, and interfaces.
As Meta continues to expand, it is positioning itself at the intersection of social connection, entertainment, messaging, commerce, enterprise solutions, financial services, and advanced technologies. The company will likely make further strategic acquisitions and investments as virtual reality, augmented reality, AI, and other emerging tech reshape society and business in the 21st century.