Meta Platforms, Inc. (formerly known as Facebook, Inc.) is the full legal name of the company commonly referred to as Meta. Meta is a technology and social media conglomerate based in Menlo Park, California. Originally founded as Facebook in 2004, the company changed its name to Meta Platforms in October 2021. This reflected its growing focus on developing the metaverse and virtual reality technologies beyond just social media.
When did Facebook change its name to Meta?
On October 28, 2021, Facebook announced it was changing its corporate name to Meta. This name change officially took effect on December 1, 2021. The rebranding signified Facebook’s shift to building the metaverse, a virtual shared space accessed via virtual and augmented reality headsets and apps. However, the core Facebook app and Instagram, WhatsApp, and other services retained their original branding and names.
Why did Facebook change its name to Meta?
There were a few key reasons behind Facebook’s name change to Meta:
- To reflect the company’s focus on the metaverse – Meta’s CEO Mark Zuckerberg has stated that the metaverse represents the next frontier of technology and that he sees it as the successor to the mobile internet.
- To distinguish the parent company from the Facebook app – While the Facebook social media platform remains the company’s biggest asset, renaming the parent organization helps delineate the broader scope of its technology interests.
- To overcome the Facebook brand’s reputation issues – In the wake of scandals like Cambridge Analytica, renaming provides an opportunity to turn the page on past controversies.
What does the name Meta mean?
The name Meta refers to the “metaverse,” which is the company’s vision for an immersive virtual world enabled by virtual and augmented reality technology. But it also carries additional meaning:
- “Meta” comes from the Greek word meaning “beyond” – This represents the futuristic focus of the company going beyond its current services and products.
- It can indicate self-reference – The metaverse is seen as a recursive virtual space, and the prefix “meta” is sometimes used to describe something that is self-referential.
- “META” is an acronym for “Made to Explore Alternate Timelines and Experiences” – This alternate expansion gives further insight into the company’s goals for the metaverse.
What is Meta’s current branding?
Despite renaming the parent company to Meta, most of its individual products and services continue to use their existing brands:
- Facebook – The Facebook social media platform retains its original name and blue branding.
- Instagram – The popular photo and video sharing app also maintains its distinct name and imagery.
- WhatsApp – The encrypted messaging service remains branded as WhatsApp.
- Oculus – Meta’s virtual reality headsets continue to use the Oculus brand name.
- Portal – Its line of video calling devices still uses the Portal branding.
The new Meta wordmark logo uses a simple, italicized blue wordmark without any imagery or icons. This minimalist logo places the focus on the Meta name itself. The classic thumb-up Facebook logo remains used only by the Facebook app.
Will any Meta/Facebook products be rebranded?
Meta has suggested that in the future, it may rename some of its other products and services to better reflect the Meta brand. For now, there are no specific plans to rebrand Instagram, WhatsApp, Oculus, or other services. However, Meta’s virtual reality headset software was renamed from Oculus to Meta Horizon in 2022. Any future rebranding changes are likely to focus on virtual reality and metaverse-related products and services as that part of the business continues growing.
Who founded Facebook/Meta?
Mark Zuckerberg co-founded Facebook alongside fellow Harvard students Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. Originally launched from a Harvard dorm room in 2004, Facebook quickly caught on across college campuses before expanding globally. Zuckerberg has served as Facebook’s CEO and controlling shareholder throughout its history. He remains CEO of Meta following the rebranding and is the driving force behind its pivot toward virtual reality and the metaverse.
When did Mark Zuckerberg create Facebook?
Key dates in Facebook’s history and Mark Zuckerberg’s founding of the company include:
- 2003 – Zuckerberg begins creating an early version of Facebook called Facemash while attending Harvard University. It allows students to rate each other’s attractiveness.
- February 2004 – Zuckerberg officially launches “TheFacebook” from his Harvard dorm room with the help of fellow students Saverin, Moskovitz, and Hughes.
- March 2004 – Facebook expands to Stanford, Columbia, and Yale.
- June 2004 – Facebook moves headquarters to Palo Alto, California.
- September 2005 – The company drops “The” from its name and becomes just “Facebook.”
- September 2006 – Facebook opens registration to anyone over 13 with a valid email address.
Zuckerberg was only 19 years old when he developed the initial version of Facebook in 2003. He created it as a simple utility for Harvard students to connect with each other online. But it quickly took off and became a global phenomenon under his continued leadership.
How much of Meta does Mark Zuckerberg own?
As the company’s founder and CEO, Mark Zuckerberg maintains extensive control over Meta:
- He owns approximately 13% of Meta shares outstanding.
- He has majority voting rights through special class of stocks.
- This gives him over 50% of voting power in shareholder decisions.
While Zuckerberg does not own a true majority of the company, his special share structure ensures he retains effective control over Meta and its future strategic direction. This allowed him to unilaterally push through the rebranding to Meta despite some outside criticism.
Who are Meta’s competitors?
Meta faces competition across its various technology businesses:
Social media
- TikTok (ByteDance)
- Snapchat
- YouTube (Google)
Messaging
- iMessage (Apple)
- WhatsApp (Meta)
- Messenger (Meta)
- Telegram
- Signal
- WeChat (Tencent)
Virtual reality
- HTC Vive
- Valve Index
- PlayStation VR (Sony)
However, no other company currently offers such an extensive integrated suite of social media, messaging, and virtual reality platforms and devices as Meta does.
How does Meta make money?
Meta generates revenue from the following main sources:
- Advertising – Sales of ad space on Facebook, Instagram, and other Meta platforms generates over 98% of revenue.
- Payments – Taking commissions on purchases through Meta Pay and Facebook Shops.
- Content creators – Taking a % share of sales from creators’ subscriptions and badges.
- VR hardware – Sales of Meta’s virtual reality headsets like Oculus.
Meta’s massive user base across its apps attracts advertisers, while its VR leadership could unlock future revenue streams as the metaverse develops.
Conclusion
In summary, Meta Platforms is the new corporate identity of the technology company previously known as Facebook. The name change took effect in December 2021 to reflect the company’s shift towards the metaverse. However, popular products like Facebook, Instagram, and WhatsApp have retained their original branding. Meta founder Mark Zuckerberg remains firmly in control of the company as CEO and majority shareholder. He spearheaded the rebranding as part of his long-term vision for Meta’s future in virtual and augmented reality technology. While Meta faces rising competition in social media and messaging, it remains a dominant force in the burgeoning VR/metaverse market.