Facebook is changing its name to Meta as the company focuses on virtual and augmented reality, CEO Mark Zuckerberg said on Thursday.
The rebranded company’s suite of apps – including Facebook, Instagram and WhatsApp – will not change names, but Meta’s ticker will switch from FB to MVRS starting December 1.
âAs of today, our business is now Meta,â Zuckerberg said at Facebook Connect, the company’s annual AR / VR conference. âNow we have a new North Star to help bring the Metaverse to life, and we have a new name that reflects the full scope of what we do and the future we want to help build. , we’re going to be metaverse first, not Facebook first.
Zuckerberg said the rebranding was necessary because the company was “so closely tied to one product,” namely its social media platform Facebook, that it “may not be able to represent everything” the company was doing in the present and the future.
âOver time, I hope we’ll be seen as a metaverse business,â Zuckerberg said. âIt’s time for us to embrace a new corporate brand to encompass everything we do, to reflect who we are and what we hope to build. “
As the company announced its third quarter results on Monday, Zuckerberg also pledged to invest $ 10 billion in the metaverse and warned that the company would not be profitable “at any time in the near future” due to its strong emphasis on augmented reality and virtual reality. For the next quarter, Facebook – now Meta – will introduce Reality Labs as its own segment, separate from the âapp familyâ which includes Facebook, Instagram, Messenger and WhatsApp.