Business
Is Facebook planning a name change? Reports suggest so
Social media giant Facebook is likely to announce a name change this month, the Verge reported. CEO Mark Zuckerberg is expected to talk about rebranding at the company's annual Connect Conference on October 28. The decision will reportedly place the Facebook app under a larger parent company that oversees other social media apps such as Whatsapp, Instagram, Oculus, etc. Here's more.
Decision indicates the company plans to move beyond social media
According to reports, the name change indicates Facebook no longer wants to limit its business to social media alone. Notably, companies usually change their names to expand their services. Google trod a similar path when it established Alphabet Inc as its holding company in 2015 to move beyond its search and advertising business.
Facebook plans to become a 'metaverse' company: Zuckerberg
In July this year, CEO Mark Zuckerberg went on record to say that he envisions Facebook transitioning from a social media company into a metaverse company. Facebook has set up a dedicated metaverse team and plans to hire 10,000 people in the European Union (EU) over the next five years. It has reportedly invested heavily in virtual reality (VR) and augmented reality (AR).
What is metaverse?
For the uninitiated, a metaverse is a virtual universe where people can share real-time experiences with other users. Think of it as an amalgamation of augmented reality (AR) and virtual reality (VR).
Lately, Facebook has been under intense scrutiny
The move comes at a time when Facebook's social media platforms are facing intense scrutiny over its business practices. The rebranding will help separate Zuckerberg's futuristic work from its social media platforms, reports said. Notably, Facebook is losing public trust after a whistleblower leaked some critical internal documents to the media and testified about them before the US Congress.
What could be the new company name?
The new name is reportedly a closely guarded secret, with even a major chunk of the senior leadership also being kept in the dark. The new name, however, could have something to do with Horizon, the name of an unreleased Roblox VR app, the Verge reported. The name was later modified to Horizon World after the demo of a workplace collaboration version, Horizon Workrooms.
