Facebook rebrands to Meta, so what does this mean?

In Mark Zuckerberg’s pursuit of a universe where digital worlds and reality collide, he has renamed Facebook to Meta. So what does this actually mean?
In Mark Zuckerberg’s pursuit of a universe where digital worlds and reality collide, he has renamed Facebook to Meta. So what does this actually mean?

Following rumours over the last few weeks, Mark Zuckerberg has renamed Facebook to Meta. This parent rebrand reflects his goal of creating “the metaverse” where reality and virtual are blended, enabling users to interact in new ways. The social networking business will split into Meta and Reality Labs, with the latter dedicated to creating the metaverse. The social media platform Facebook will retain its name.

In an interview with Stratchery, Zuckerberg said: “By the end of this decade, or even by the middle of the decade, I would guess that we’re going to reach a point where our VR (virtual reality) devices will start to be clearly better for almost every use case than our laptops and computers are.” 

“In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parents’ living room to catch up,” he wrote.

When can we expect the metaverse?

While Meta already owns VR headset maker Oculus, it is still a while away from becoming accessible to the public. It accounted that the metaverse will take at least another 10 to 15 years. It will take billions to bring this idea to fruition, and the company has already announced that in 2022, it will double its workforce to 20,000 engineers to develop the metaverse. In an open letter, Zuckerberg said: “Right now our brand is so tightly linked to one product [Facebook] that it can’t possibly represent everything we’re doing today, let alone in the future. The metaverse is the next frontier.”

Convenient timing 

Many are criticizing Facebook/Meta as using this rebrand to draw attention away from the wave of scandals that have followed in the wake of information leaked by the whistleblower Frances Haugen. Zuckerberg said that the rebrand had been planed at least six months in advance. Former Facebook employee, Frances Haugen, has accused the tech giant of placing profit above public health. Haugen revealed herself as the Facebook whistleblower after leaking a cache of internal documents that place Facebook in a damning light. She shared the several thousand documents with the Wall Street Journal, revealing that the company was lying about its progress on handling misinformation and violence.

“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook. And Facebook, over and over again, chose to optimize for its own interests, like making more money,” she said.

Haugen joined Facebook in 2019 as a product manager on its civic integrity team, which focuses on election-related issues globally. She cites her decision to join Facebook as a personal mission to combat misinformation. However, her decision to expose Facebook stemmed from her shock at company policies that prioritized profit over public safety. “The version of Facebook that exists today is tearing our societies apart and causing ethnic violence around the world,” she said.

READ MORE:

“No one at Facebook is malevolent,” Haugen told 60 Minutes. She said Mark Zuckerberg, Facebook’s founder “has never set out to make a hateful platform”. Despite this, the company still needs to take responsibility for its choices, she said.

For more news from Top Business Tech, don’t forget to subscribe to our daily bulletin!

Follow us on LinkedIn and Twitter

Amber Donovan-Stevens

Amber is a Content Editor at Top Business Tech

Data-Sharing Done Right: Finding the Best Business Approach

Bart Koek • 20th November 2024

To ensure data is not only available, but also accessible to those that need it, businesses recognise that it is vital to focus on collecting, sorting and governing all the data in their organisation. But what happens when data also needs to be accessed and shared across the business? That is where organisations discover a...

Nova: The Ultimate AI-Powered Martech Solution for Boosting Sales, Marketing...

Erin Lanahan • 19th November 2024

Discover how Nova, the AI-powered engine behind Launched, revolutionises Martech by automating sales and marketing tasks, enhancing personalisation, and delivering unmatched ROI. With advanced intent data integration, revenue attribution, and real-time insights, Nova empowers businesses to scale, streamline operations, and outperform competitors like 6Sense and 11x.ai. Experience the future of Martech with Nova’s transformative AI...

How E-commerce Marketers Can Win Black Friday

Sue Azari • 11th November 2024

As new global eCommerce players expand their influence across both European and US markets, traditional brands are navigating a rapidly shifting landscape. These fast-growing Asian platforms have gained traction by offering ultra-low prices, rapid product turnarounds, heavy investment in paid user acquisition, and leveraging viral social media trends to create demand almost in real-time. This...

Why microgrids are big news

Craig Tropea • 31st October 2024

As the world continues its march towards a greener future, businesses, communities, and individuals alike are all increasingly turning towards renewable energy sources to power their operations. What is most interesting, though, is how many of them are taking the pro-active position of researching, selecting, and implementing their preferred solutions without the assistance of traditional...

Is automation the silver bullet for customer retention?

Carter Busse • 22nd October 2024

CX innovation has accelerated rapidly since 2020, as business and consumer expectations evolved dramatically during the Covid-19 pandemic. Now, finding the best way to engage and respond to customers has become a top business priority and a key business challenge. Not only do customers expect the highest standard, but companies are prioritising superb CX to...

Automated Testing Tools and Their Impact on Software Quality

Natalia Yanchii • 09th October 2024

Test automation refers to using specialized software tools and frameworks to automate the execution of test cases, thereby reducing the time and effort required for manual testing. This approach ensures that automation tests run quickly and consistently, allowing development teams to identify and resolve defects more effectively. Test automation provides greater accuracy by eliminating human...