Facebook announces rebrand and Meta name change

The social media giant is moving to put its past behind it, with Mark Zuckerberg announcing a full company rebrand.

Facebook chief executive Mark Zuckerberg announces the Meta rebrand. Source: The Australian.

Social media giant Facebook is moving to put its past behind it, instead focusing on the virtual future with a company-wide rebrand to Meta.

Amid a slew of recent controversies and tussles with regulators about its market power and how it treats its users, Facebook said it was time for a new brand to bring together its various apps, which include Instagram, WhatsApp, Messenger, along with futuristic new virtual reality and augmented reality offerings.

“We’re now looking at and reporting on our business as two different segments, one for our family of apps, and one for work on future platforms,” chief executive Mark Zuckerberg said at the company’s Connect conference early Friday morning (AEST).

“And as part of this, it is time for us to adopt a new company brand to encompass everything that we do to reflect who we are and what we hope to build.

“I am proud to announce that starting today, our company is now Meta.”

Facebook employees unveil a new logo and the name 'Meta' on the sign in front of Facebook headquarters in Menlo Park, California. Picture: Getty Images

He added that, “right now our brand is so tightly linked to one product that it can’t possibly represent everything we’re doing today, let alone in the future. Over time, I hope we are seen as a metaverse company, and I want to anchor our work and our identity on what we’re building towards.

The word ‘meta’ comes from the Greek word meaning ‘beyond’, Mr Zuckerberg said.

“For me, it symbolises that there is always more to build, and there is always a next chapter to the story.

“Ours is a story that started in a dorm room and grew beyond anything we imagined; into a family of apps that people use to connect with one another, to find their voice, and to start businesses, communities, and movements that have changed the world.”

The Connect virtual presentation was mostly dedicated to the company’s vision for the so-called ‘metaverse’ – a term originally coined in a dystopian novel decades ago.

Meta’s vision for the metaverse, which Mr Zuckerberg said will reach 1 billion people over the next decade, is to be eventually where everyone will spend their time working, living and playing. It’s a social, 3D virtual space for which developers will build apps and games.

Showing examples of users working out, playing games and conducting meetings, Mr Zuckerberg wants the metaverse to essentially act as a digital world, and for it to be the place where developers and consumers spend their time and money, as opposed to Apple or Google‘s ecosystems.

In a sign of how he’s thinking about his competition, the tech executive took an implied swipe at rival Apple’s app store fees during the virtual event.

“I believe that the lack of choice, high fees are stifling innovation and stopping people from building new things and holding back the entire internet economy,” Mr Zuckerberg said.

He also touted the environmental benefits of spending time in the metaverse, declaring “If you travel for work and working within the metaverse means that you just take one less flight each year, that’s probably better than almost anything else that you can do for the environment.”

The company also announced a slew of new virtual reality and augmented reality efforts, including a high-end mixed reality headset dubbed Project Cambria, which mixes virtual graphics with the real world. The company is also working on a set of augmented reality glasses, called Nazaré.

Facebook has come under heavy criticism in recent weeks following revelations from whistleblower Frances Haugen that the company repeatedly put profits before its users’ mental health and wellbeing.

The company is also facing new regulations globally, including in Australia, where new legislation was released this week which would force digital entities to comply with new privacy requirements and age verification checks.

Will Easton, managing director for Meta Australia and New Zealand, said that the tech giant isn’t going to build, own or run the metaverse on its own.

“We will be collaborating at every stage with policymakers, experts and industry partners,” he said.

“There are already a wealth of Australian companies and creators working in this space, including fashion designers, gaming and VR experience creators, academics and marketers experimenting with new immersive formats. Australia has an opportunity to be on the forefront of this technology even at this early stage of its development.”

“I’m dedicating our energy to this — more than any other company in the world,” Mr Zuckerberg said of his move to the metaverse.

“If this is the future you want to see, I hope you’ll join us. The future is going to be beyond anything we can imagine.”

Originally published as Facebook announces rebrand and Meta name change