Technology giant Facebook is in the process of changing its name to Meta. With this move, the social networking company is expanding its horizons to offer new solutions to users.
Shifting
Facebook is being renamed to Meta and shifting focus from its social network offering to advanced computing solutions centred around virtual reality (VR) technology.
Moving forward
Mark Zuckerberg, Chief Executive Officer, Facebook, speaking at the virtually organised Connect conference emphasised metaverse as being the ‘next frontier’ for the company to explore. He stated that the company will be more focused on the metaverse moving forward, as opposed to its social networking offerings.
Major player
The move towards offering virtual solutions is being regarded as one that sees Facebook attempting to become a major player in advanced computing solutions sector. Through Meta, the tech giant will facilitate open communication and accumulation of people in virtual environments. They can utilise the new virtual offerings for talking to people around the world or having professional meetings.
Remain
The company will continue to follow its usual way of using and sharing data. It will also retain its corporate model after the name change and foray into virtual reality solutions. However, its stock trading will be done under the MVRS name from December.
Plans
The company has plans to tap into its user base of billions across the world to create a target audience for catering immersive experiences through AR and VR software. It is not something entirely new as many of its competitors also offer solutions in this space.
Interests
According to Zuckerberg, the current Facebook brand is too focused on the social side and emphasised that the company actually has a diverse array of interests.
Step by step
The Oculus headset has found a user base amongst those indulged in gaming and some other use cases. It has to be adopted more widely, and that may be the case with the new direction in virtual reality. The full scale of the metaverse will need some time to be realised, despite the company recently accounting several product updates that are fundamentally, steps towards that goal.
Increase in price
The announcement of Meta was followed by a 3.5 percent increase in the share price of Facebook on the NYSE. The company had revealed recently that it would be showcasing the financial details of Reality Labs. The Oculus division is also a part of Reality Labs. Meta aims to handle its advertising business and its VR and AR ventures to disclose the expenses and revenues to its investors. According to some information released by the company, Reality Labs investments have cut down operating profit by about $10 billion.
Corporate identity
Meta is bringing about a change in its corporate identity. The announcement has come at a time when the company is not having the best of times in the social media sphere, and there is an ambitious drive towards diversification. With competitors such as Tiktok gaining traction in terms of attracting youth, Meta is gearing up to boost its potential.
Reliability
With further improvements and future developments expected in the metaverse, the company will also move away from relying on other technology giants such as Apple and Google in order to service customers.
