The tech giants now want to be known for more than just a social media God.
You must have also been a distant commentator on the recent change in Facebook's name to Meta. The change in name was an attempt to reflect its focus on building the powerful metaverse.
On October 28th, at the company's annual Connect conference, Mark Zuckerberg declared that he would rebrand the company and would want to position the Facebook app as among the many products under the umbrella of the parent company. Other apps include Facebook, Instagram, WhatsApp, Oculus and more.
There are already over 10,000 employees working on building consumer hardware, such as AR glasses. He envisions people to accept Facebook more than just being a social media platform and as a successful metaverse company.
Let us dig deep into the matter and learn more about Meta and the metaverse.
Why this change?
As per the industry's best digital marketing companies, the rebranding could reflect a separate work front that Zuckerberg is focused on - the futuristic approach towards changing how Facebook operates today.
Although there are several speculations about this change, this isn't the first time that such well-known tech companies have changed their name to expand their growth opportunities.
Such as, in the year 2015, Google also reorganized under the name Alphabet, to communicate that it is more than just being just a search engine and is now a sprawling tech giant along with other conglomerates developing health tech and driverless cars.
Also, in the year 2016, Snapchat changed its name to Snap Inc. and called itself to be a "camera company" and debuted its first-ever pair of Spectacles camera glasses.
Moreover, Facebook has invested consider believing in virtual reality and augmented. This change in the name would bring together all its apps and technologies under one umbrella without changing its corporate structure, thus expanding opportunities.
What does Meta hold for the future?
Meta looks forward to laying a strong groundwork to focus on the technology of the next generation. The Meta Universe or the 'Metaverse' is going to be the big focus and will open a new chapter that will bring in an evolution of the internet. It will also widen opportunities for the company - Facebook.
What are the challenges?
Although the concept of metaverse has been aggressively promoted in recent weeks, there are still negative stories revolving around the same and people are not enthusiastically accepting this change and is not widely understood and accepted.
The term Metaverse
The term was coined by the sci-fi novelist Neal Stephenson that describes the virtual world where people can escape from the dystopian, real world.
Now, this term is adopted by the world's most controversial and largest companies and explains why it is worth diving into its own virtual world.
Additionally, Zuckerberg added that the new name Meta is derived from the Greek word for "beyond", which symbolised that there is more to build. He further added that the new name resonates that with time, soon in the near future, users will not have to use Facebook any longer just to use the company's other services.
This is to clear the controversies and rumours about Facebook compromising users’ safety and privacy for profit. Although several articles were published that claimed such statements to be fake and a 'false picture'.
Our take on the matter
As per our digital marketing consultants in Kolkata, we feel the sole purpose behind rebranding Facebook is to change the concept of Facebook as just a social media platform.
Zuckerberg, at the annual Connect Conference, added that the metaverse will touch every product built by the company. His ideology was to penetrate the worldwide market and attract more young users to use futuristic technology.
The brand was so strictly linked to just one product that it could not represent everything that the brand aims to do. And hence, the change widens the opportunity for the brand to explore and become more than just a social media platform.
Having said that, our consultants claim that this is a very challenging yet strategic move that can help the brand attract customers on a large scale. It can open doors of opportunities and also help them to penetrate, even the restricted market.
We look at it as a strategic move that can work wonders if managed and executed properly.
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