For Meta or worse? Facebook reveals major rebrand

At last the wait is over, with Facebook boss Mark Zuckerberg revealing the social media giant will change the name of its holding company to Meta, as part of plans to tap into the metaverse, which he claims will be the successor of the mobile Internet.

Revealed at Facebook’s annual AR/VR conference last night, the holding company will now encompass Facebook, as well as apps Instagram and WhatsApp, and the virtual reality brand Oculus.

Zuckerberg said: “We believe the metaverse will be the successor of the mobile Internet. We’ll be able to feel present – like we’re right there with people no matter how far apart we actually are.”

Last week, the company said that, due to the exponential growth of its virtual reality segment, it would now report its revenue separately, dividing its products into two categories; a “family of apps”, including Facebook, Instagram, Messenger and WhatsApp, and the “reality labs” products, including AR and VR plus any related hardware.

Zuckerberg, who predicts the metaverse will reach a billion people within the next decade, admitted the company has a long way to go. He said: “The best way to understand the metaverse is to experience it yourself,” even though he admitted “it doesn’t fully exist yet”.

The presentation of how the platform will work imagined users inviting friends over virtually, two people attending a concert together despite being across the world from one another, and colleagues making work presentations remotely.

“When I send my parents a video with my kids, they’re going to feel like they’re right in the moment with us not peering through a little window,” Zuckerberg added.

Whether the move will be enough to calm the waters around Facebook’s current storm is another matter, with whistleblower Frances Haugen doing the rounds telling anyone who cares to listen about the firm’s toxic business practices and internal knowledge of its long-term negative affects on mental health.

Of course, former Lib Dem leader turned Facebook vice-president of global affairs Nick Clegg was quick to dismiss fears that the new platform would soon take over the world, insisting there is a long way to go before any real change. He said: “We have years until the metaverse as we envision it is fully realised. This is the beginning of the journey.”

But Acquia vice-president of marketing Tom Bianchi is not so sure. He commented: “A name alone won’t be enough to restore consumer trust in the face of a series of data privacy and misinformation scandals. Instead, Facebook needs to do something far more sizable.

“Big tech companies are taking steps towards consent-led data strategies, such as embracing first-party data and the phasing out of third-party cookies. But, given the Cambridge Analytica scandal and the recent whistleblower revelations, it’s clear Facebook has a long way to go before it regains consumer confidence.

“Along with its redirection, Facebook needs to ensure that the positive steps it’s taking to improve data privacy and reduce misinformation need to be properly promoted to its users. While the metaverse is an exciting prospect and one that deserves column inches, Facebook needs to focus on rebuilding its foundations first and foremost.”