Facebook Inc., the company behind the social media platform Facebook is changing its name and will now be known as Meta. The development comes at a time when the company needs to save its brand image amid a poor reputation.
Making the announcement, Mark Zuckerberg said: “Our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future. From now on, we’re going to be metaverse-first, not Facebook first.”
Going forward, Facebook and its “family of apps” will be a division of the larger Meta company. It has also been confirmed that Meta will be led by Mark Zuckerberg. The rebranding of the company comes as it is now shifting from being just a social media company to building a metaverse.
Facebook had been planning to separate Facebook Reality Labs — the company’s division for AR and VR, from the rest of the company. Even after the new name, its “corporate structure” won’t be changing.
However, the way it reports financial data will get changed. From Q4 2021, it will report on two operating segments — Family of Apps and Reality Labs. The company also confirmed that the change does not affect how the company uses or shares data.
However, from December this year, the company will be changing its stock ticker from FB to MVRS. Along with the new name, the company’s iconic “thumbs up” is getting replaced by a new logo which the company says is optimized for 3D experiences and “designed to be experienced from different perspectives and interacted with.”