Recently Facebook or The Facebook Company changed their name to ‘Meta’ and created hype worldwide and left users confused about it. Facebook is offering many services that more than 3 million users are using. Let’s find out everything behind this name change.
There have been some rumours that Facebook is preparing for something big, And suddenly CEO mark announced The Facebook Company is changing to Meta. All platforms and services owned by The Facebook Company, including Facebook, Instagram, Whatsapp, and others, will now fall under their new parent company ‘Meta.’ They are preparing for something bigger for the future and announced this name change a futuristic service ‘Metaverse.’
It will not be much effective for the general users because everything will be the same; Facebook will be Facebook and others as well.
What is Meta
CEO said it would be better to encompass what the Company is doing; they will broaden their work area beyond social media into future tech like Virtual Reality. This name change does not affect anything they are already offering, such as Facebook, Instagram, and WhatsApp; only upcoming services and the parent firm.
The reason behind this step might be the series of negative events and allegations about the Company and information leaked by their past employees. In addition, an ex-employee said that the Company is putting profits over safety.
Back in 2015, google also tried something like this by calling their parent company’ Alphabet,’ but they couldn’t do anything further. The Facebook founder describes the reason behind this change as they are unveiling their Metaverse. An online social cum virtual environment.
What is Metaverse
Meta came from the Greek language meaning beyond, further, or across. So, Meta and verse from the universe made ‘Metaverse’ define itself as a place or environment beyond our world or universe. A virtual world that is an enhanced version of our world.
You would say, It’s nothing new; we have already seen something like this in many movies like ready player one and matrix; An immersive virtual space that allows users to interact and join activities. Something like a videogame in which we can control our character with controlled and buttons. But with MetaVerse, players need to wear specific equipment to control their character in that virtual environment by themself. It’s like doing physical activities in a virtual environment as you do. But, as Facebook introductory videos, Metaverse offers even more than this.
Why Facebook change its name to Meta?
For the past few years, Facebook got some hits on its reputation. Case in the UK with Cambridge Analytica, The Washington Post reported facebook sharing misinformation about vaccines from policymakers during the pandemic.
These are the big ones; besides these, there are a series of stories accusing Facebook. Many employees left the Company due to their profit over safety nature, and some of them leaked internal information to the media. In addition, many Reports suggest Instagram is affecting teenagers’ mental health, and Facebook is not doing anything about it because making changes will impact user engagement thus profits.
It’s been known and heard from experts that Facebook sells user information in different ways.
One other major issue is hate speech and bullying over various services of Facebook, and the Company can’t make changes to fix that.
There might be more, but these are the major reasons that made Facebook change its parent company name. By changing parent company, they are saving their huge finance, business, and upcoming product and services for any allegations and losses. If anything happens again, it will only affect their one service, not the whole Company like it did before.
The major reason behind this change looks like Facebook is trying to divert attention away from the negative stories and allegations. Some say this was necessary to revive the Company from being toxic. However, there are already many legal cases running over Facebook and other products in many countries. This change will help them shift those legal issues to that specific product and save the whole business.
Another reason is that Metaverse is nowhere near; We already knew Facebook was developing something like this long ago. They might be trying to enter a new industry. The Facebook company generates its revenue from Facebook and Instagram ads.
Google was also tried this back in 2015 and announced their parent company named ‘Alphabet,’ but that doesn’t catch any attention.
All of this drama confirms that Company is not just focused on Social networks; they are going for other fields but with their social network approach. The criticism over their work might be draining, and they see this nice and shiny opening to get a fresh start with new technology. So this division makes sense in that respect, but most importantly, we will have to wait and see whether people will like it.