Tech giant Facebook is planning to change its company name next week to reflect its focus on building the metaverse.
The metaverse is a massive virtual world that can be accessed in real-time by millions of people using avatars. It will make use of augmented and virtual reality.
The CEO of the company, Mark Zuckerberg, said that they will unveil the new name of the company at the company’s annual Connect conference on October 28th. However, the name could be revealed sooner.
Facebook Plans To Rebrand To Focus On Metaverse
The rebranding would position Facebook’s social networking app as one of many products under a parent company that will also manage groups like Instagram, WhatsApp, Oculus, and others.
The company has employed more than 10,000 workers for building consumer hardware like AR glasses. Zuckerberg said that over the next several years they will transition from being a social media company to being a metaverse company.
Exclusive: Facebook is planning to rebrand the company with a new name https://t.co/0NuPhWQsc5 pic.twitter.com/htkzkRBCGI
— The Verge (@verge) October 20, 2021
However, this isn’t the first tech company endeavoring to rebrand. Earlier in 2015, Google established a parent company called Alphabet to indicate that it is no longer just a search engine but “a sprawling conglomerate with companies making driverless cars and health tech.”
In 2016, Snapchat also rebranded to Snap Inc., dubbed itself a “camera company”. In the same year, they introduced its first pair of Spectacles camera glasses.
The new name of the company is a closely-guarded secret within its walls and not known widely. Even the full senior leadership has no idea about it. A possible name could have something to do with Horizon, the unreleased VR version of Facebook-meets-Roblox, according to The Verge.
A few days ago, Facebook stated that the company is investing in European talent to help build the metaverse. They announced a plan to create 10,000 new high-skilled jobs within the European Union (EU) over the next five years.
