The rebranding of Facebook as Meta is more of a formation of a new holding corporation named Meta to house a collection of significant, perhaps misunderstood, and sometimes misbehaving businesses.
There’s the sceptic who doesn’t believe in reality. Oculus
WhatsApp is a worldwide messaging app.
Instagram’s ever-seeking-influence and perhaps self-centeredness
And then there’s the issue kid. Facebook
Meta is a novel concept. A large brand with the goal of becoming the new North Star for the Metaverse, an omni-digital platform in the Oasis style (please read Ready Player One) that will eventually embrace all of Meta‘s goods and services.
TLDR: Facebook, Inc. has changed its name to Meta, a social technology corporation dedicated to creating The Metaverse in our (or Mark Zuckerberg’s) lifetime.
One may interpret this as a lot of hand-waving in an attempt to divert attention away from the plethora of problems that Facebook (the social media platform that still exists) is now experiencing. The Facebook Papers (which are really screengrabs of research and internal corporate message board exchanges) have exposed the company’s hitherto hidden workings. revealing how it attempted and failed to cope with an uncooperative world that uses Facebook like kerosene, causing little, internecine flames to explode into gigantic blazes of hatred, disinformation, and bigotry
To his credit, Zuckerberg didn’t dismiss the problems as he kicked off the Facebook Connect conference on Thursday, saying, “We live for what we’re doing, and although we make errors, we keep living and going ahead.” The message is that Zuckerberg and now Meta are working on something significant, and they shouldn’t allow their mistakes get in the way.
As is typical of Zuckerberg, he underestimates the animosity that has arisen around his company’s formerly namesake platform. The position is far more severe than it was when he had to admit that Facebook influenced the 2016 election or apologise for Cambridge Analytica’s use of Facebook’s private data.
Shifting the emphasis away from Facebook as the main source of his company’s income and toward Meta and the Metaverse will not make any of it go away.
Zuckerberg said that he may never find an appropriate opportunity to unveil all of this if he waited. That’s definitely true, but there was probably a better time than now for these potentially new, interesting, and inspirational ideas to be accepted more enthusiastically.
There is a different reality at work here. Although Meta is the new holding company (much as Alphabet is the parent company for Google), the profits that fuel Metaverse innovation will continue to come from advertising on Facebook and Instagram (both of which are members of the “Family of Apps”) for the foreseeable future. Reality Labs is the second operational part, and I believe it will be the driving force behind Metaverse development.) Consumer perception will continue to be shaped by the key brands people use on a daily basis: WhatsApp, Oculus, Instagram, and Facebook, rather than Meta.
“From now on, we’re going to be Metaverse-first, not Facebook-first,” Zuckerberg stated shortly after announcing the new corporate name.
We won’t see things his way until we’re living in the Metaverse, so Zuckerberg can point to Meta and the Metaverse every day. We’ll have completely gone Meta at that point.