Meta, formerly known as Facebook, is one of the world’s largest technology and social media companies. It was founded in 2004 by Mark Zuckerberg along with fellow Harvard students.
The Meaning Behind the Meta Name
The name “Meta” comes from the Greek word “meta” which means “beyond”. By changing their name to Meta, the company wanted to signify its focus on building technology that connects people through augmented and virtual reality.
Some key things to know about the meaning behind Meta’s name:
- Reflects company’s focus on the metaverse – Meta wants to be seen as more than just a social media company. They are building technology that will power the metaverse, a virtual world where people can interact, work, and play.
- Represents moving beyond 2D screens – The metaverse will use 3D environments and virtual/augmented reality. Meta wants to move interaction beyond just 2D screens and into more immersive experiences.
- “Meta” comes from the Greek word for “beyond” – The prefix “meta” has meaning as something more comprehensive or transcending.
When and Why Did Facebook Change to Meta?
In October 2021, Facebook announced it was changing its corporate name to Meta. This reflected the company’s shift in focus to developing futuristic technology and the metaverse. Here is an overview of when and why the name change happened:
- Announcement made October 28, 2021 – Mark Zuckerberg announced the new corporate name at the company’s annual Connect conference.
- Effective date of change was December 1, 2021 – This is when the company’s stock ticker changed from FB to MVRS.
- Reason was to reflect focus on the metaverse – Facebook had grown beyond just a social media app. The new name aimed to better represent their work to develop augmented and virtual reality technology.
- Rebranding amid strong criticism – The name change also came at a time when Facebook was facing public scrutiny over ethics and privacy concerns. A rebrand was likely aimed at improving their perception.
What Products and Services Fall Under the Meta Company?
Meta serves over 3.5 billion people worldwide through a family of products and services focused on connectivity. Here are the major offerings that fall under the Meta company umbrella:
Social Media Apps
- Facebook – Flagship social media platform with over 2.8 billion monthly active users.
- Instagram – Leading online photo and video sharing platform with over 1 billion users.
- WhatsApp – Widely used messaging app with over 2 billion monthly active users.
- Messenger – Instant messaging platform integrated with Facebook with over 1 billion users.
Virtual Reality
- Oculus – Leading virtual reality brand and headsets like Oculus Rift and Oculus Quest.
- Horizon – A social metaverse platform where users can explore virtual worlds using avatars and interact with others.
Augmented Reality
- Spark AR – A platform for creators to build augmented reality effects and filters.
- Portal – Video calling devices that use AR for effects during calls.
Other Services
- Workplace – Business communication tool with chat, video calls, groups.
- Mapillary – Platform that uses AI to analyze street-level imagery.
- NPE Team – An experimental app incubator and R&D lab.
What Other Major Tech Companies Compete with Meta?
As a large technology conglomerate, Meta competes with various companies across its different product offerings and services:
Social Media
- Snapchat
- TikTok
Virtual and Augmented Reality
- Microsoft
- HTC
- Apple
Digital Advertising
- Amazon
However, Meta’s largest competitors when looking at the total ecosystem they operate in are:
| Company | Areas of Competition |
|---|---|
| Apple | Mobile devices, software/apps, AR, advertising, messaging, music/content |
| Amazon | E-commerce, web services, advertising, consumer electronics |
| Microsoft | Business software, gaming, AR/VR, advertising |
| Search, advertising, video/mapping services, software, AR/VR |
How Have Meta’s Products Evolved Over Time?
Meta’s products and services have significantly evolved since the company’s inception in 2004. Here is an overview of key developments:
2004 – TheFacebook.com
- Launched as a social media site for Harvard students.
- Allowed users to create profiles and connect with classmates.
2006 – Opened to public
- Expanded beyond just college students to anyone 13+.
- Added features like news feed and timeline.
2009 – Like button introduced
- Simple feature dramatically increased engagement.
- Enabled users to interact easily with posts.
2012 – IPO and new products
- Facebook held its initial public offering, valuing the company at $104 billion.
- Acquired Instagram for $1 billion, gave Facebook a photo sharing platform.
2014 – Acquired Oculus VR
- Entry into virtual reality with $2 billion purchase of Oculus Rift headset maker.
- Began development of immersive 3D virtual experiences.
2019 – Unveiled new branding
- New corporate logo and visual identity introduced.
- Intended to distinguish the Facebook company from the Facebook app.
2021 – Name changed to Meta
- Facebook rebranded to Meta to reflect focus on metaverse.
- Began development of AR/VR technologies under this new corporate identity.
Conclusion
Meta has transformed dramatically from its start as a simple social networking site to a leading technology conglomerate developing cutting-edge virtual and augmented reality products. But throughout its growth and changes, the company’s core mission of connecting people remains unchanged. As Meta continues to evolve, it is laying the foundation for more immersive and integrated digital experiences in the future metaverse world.