Business 137(Sat) – Facebook changes company name to Meta

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Facebook changes company name to Meta

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Article

1. Facebook on Thursday announced that it has changed its company name to Meta. The name change was announced at the Facebook Connect augmented and virtual reality conference. The new name reflects the company’s growing ambitions beyond social media. Facebook, now known as Meta, has adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.

2. “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said. 

3. The company also said in announcing the new name that it will change its stock ticker from FB to MVRS, effective Dec. 1. Meta’s stock price closed up on Thursday.

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Is it a good name? What images does it inspire? What company names do you think are good and why?

4. In July, the company announced the formation of a team that would work on the metaverse. Two months later, the company said it would elevate Andrew “Boz” Bosworth, who is currently the head of the company’s hardware division, to the role of chief technology officer in 2022. And in its third-quarter earnings results on Monday, the company announced that it will break out Reality Labs, its hardware division, into its own reporting segment, starting in the fourth quarter.

5. “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.

6. Over the past few years, the company has ramped up its efforts in hardware, introducing a line of Portal video-calling devices, launching the Ray-Ban Stories glasses and rolling out various versions of the Oculus virtual-reality headsets. The company has indicated that augmented and virtual reality will be a key part of its strategy in the coming years.

Why do you think Meta are focusing so heavily on Virtual and augmented reality?

・Do you think this is a wise business decision? What implementation do you imagine it will have in the future.

7. The company also said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse. Zuckerberg on Thursday provided a demonstration of the company’s ambitions for the metaverse.

8. The demo was a Pixar-like animation of software the company hopes to build some day. The demo included users hanging out in space as cartoon-like versions of themselves or fantastical characters, like a robot, that represent their virtual selves. Zuckerberg used part of it to accuse other tech firms of stifling innovation with high developer fees.

Have you ever experienced Virtual or Augmented reality? If so describe your experience, if not are you interested? Why? Why not?

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