Facebook is one of the most widely used social media platforms in the world, with billions of users. In 2021, Facebook announced that it would change its corporate name to Meta. This led to some confusion about how Meta and Facebook are related. Here is a quick overview of the key differences:
- Facebook is a social media platform owned by the company Meta.
- Meta is the new corporate name for the company previously known as Facebook.
- The Facebook app and service remain untouched and keep the Facebook name.
- Meta oversees Facebook as well as other platforms like Instagram and WhatsApp.
So in short, Facebook is still Facebook, it’s just owned by a parent company that has rebranded as Meta. This article will explore this relationship in more detail.
The History of Facebook
Facebook was founded in 2004 by Mark Zuckerberg and his college roommates as a social networking site for Harvard students. It quickly expanded to other colleges and then was opened up to anyone aged 13 and older in 2006. Some key milestones in Facebook’s history include:
- 2004: Facebook launches at Harvard
- 2006: Opens to anyone aged 13+ with a valid email address
- 2008: Reaches 100 million active users
- 2011: Reaches 500 million active users
- 2012: Goes public in one of the biggest tech IPOs ever
- 2017: Reaches 2 billion monthly active users
Over the years, Facebook acquired other popular social platforms like Instagram in 2012 and WhatsApp in 2014. This allowed the company to expand beyond just their core Facebook platform.
They’ve also faced numerous controversies over issues like privacy, spreading misinformation, and political advertising. Despite the controversies, Facebook remains the biggest social network worldwide.
Why Did Facebook Change to Meta?
In October 2021, Mark Zuckerberg announced that Facebook would be changing its corporate name to Meta. This rebranding was intended to reflect the company’s focus on building the “metaverse.”
The metaverse refers to a vision of a 3D virtual world where people can interact using technologies like virtual and augmented reality. Zuckerberg sees the metaverse as the next major computing platform after mobile internet.
By renaming the parent company to Meta, it indicates that they view Facebook as one product under a larger company focused on the metaverse. Other products like Instagram, WhatsApp, and Oculus VR would also be part of Meta but keep their individual brand names.
Here are some key reasons behind the rebranding to Meta:
- Shift focus to the metaverse – The new name better represents their future direction.
- Beyond just social media – Meta encompasses their groups like Facebook, Instagram, WhatsApp, Oculus, etc.
- Controversy over Facebook brand – They likely wanted to move away from negative associations with Facebook.
- Attract talent – Meta could help attract top engineers to build the metaverse.
How Meta Relates to Facebook
Meta is the new parent company, while Facebook is one of its products/platforms. Here is the relationship explained:
- Meta (previously Facebook Inc.) is the official corporate name of the overall company.
- Facebook is the social media platform and mobile app used by billions of people.
- Meta also owns other products like Instagram, WhatsApp, Oculus, etc.
- Meta oversees all of its platforms like Facebook, but each platform operates independently.
- The Facebook company (now Meta) changed names, but the Facebook product kept its original branding.
So in summary:
- Meta = New parent company
- Facebook = Social media platform owned by Meta
Facebook the product still exists with the same name, logo, and functionality. All that changed is its parent company is now called Meta instead of Facebook Inc.
Services Owned by Meta
As the parent company, Meta owns and operates these major products and services:
| Service | Description |
|---|---|
| The social media platform with 2.9 billion monthly active users as of Q4 2021. | |
| The photo and video sharing app with over 1 billion monthly active users. | |
| The popular messaging app with approximately 2 billion monthly active users. | |
| Oculus | Meta’s virtual reality hardware brand focused on immersive gaming and metaverse experiences. |
| Meta Workplace | A collaboration and business communication platform similar to Slack or Teams. |
| Meta Horizon | A suite of metaverse products like Horizon Worlds aimed at creating VR spaces. |
Meta also owns a number of other apps, developer platforms, hardware, and research groups. But the main consumer products are Facebook, Instagram, and WhatsApp.
Financial Ties Between Meta and Facebook
Prior to the name change, Facebook Inc. reported finances as a consolidated company, with revenue mainly coming from advertising across its platforms. That remains largely the same under Meta.
Some key financial ties between Meta and Facebook:
- Facebook accounted for approximately 98% of Meta’s total revenue in 2021.
- In 2021, Meta reported total revenue of $117.9 billion, mostly driven by Facebook ads.
- Revenue from Facebook itself increased by 37% year-over-year in 2021.
- Meta plans to invest over $10 billion into metaverse projects in 2022.
- Meta’s stock ticker symbol changed from FB to META after the rebranding.
As Facebook is Meta’s core money-maker, the financial outlook is closely tied between the two names. Meta will aim to diversify revenue sources in the future, but currently relies heavily on Facebook ad sales.
How Meta’s Rebranding Affects Facebook Users
For most Facebook users, Meta’s rebranding has little to no effect on their typical use of the platform. Some key points on how the transition to Meta affects regular Facebook users:
- No change to Facebook’s functionality or user experience.
- Users do not need new accounts or passwords.
- Privacy settings, posts, friends lists remain the same.
- Blue Facebook app icon and branding stay the same.
- Facebook Pay and Oculus accounts now fall under Meta.
- Future integration between Facebook and metaverse products possible.
Aside from Facebook Pay and Oculus now technically being Meta products, it is business as usual for Facebook users after the transition. Meta’s focus remains on expanding services while keeping the core Facebook product stable.
The Future of Meta
Meta clearly has big plans for the future based on its rebranding and metaverse focus:
- They aim to reach 1 billion metaverse users within the next decade per Mark Zuckerberg.
- VR/AR technologies will play a major role in Meta’s future products and services.
- More integration between Meta’s apps and metaverse experiences likely.
- Advertising within Meta’s metaverse spaces will probably be monetized.
- Acquiring other companies relevant to the metaverse is probable.
- significant investments in developing the underlying technologies powering the metaverse.
It remains to be seen how exactly the metaverse will take shape and whether Meta can achieve its long-term vision. But the company is positioning itself at the forefront of the next big wave of social and technological innovation.
Conclusion
Meta is the rebranded parent company of the Facebook social media platform as well as Instagram, WhatsApp, Oculus, and other services. The name change signals Meta’s shifting focus toward the metaverse and expanded offerings beyond just social media.
However, Facebook the product remains largely the same following the transition from Facebook Inc. to Meta. Regular Facebook users don’t need new accounts and will see little change in their day-to-day use of the platform.
The company previously known as Facebook made the name change to reflect its broader vision. But Facebook itself will continue operating as normal as one of Meta’s core product offerings along with Instagram and WhatsApp. Going forward, it remains to be seen how Meta can successfully execute on its ambitious metaverse plans.