Facebook changes Company Parent Name to Meta

CEO Mark Zuckerberg yesterday announced a change of company name from Facebook to Meta. He made this known at the Connect 2021 event. Meta brings together the company’s apps and technologies under one new company brand. Meta’s focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses.

According to the company, the metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world.

“It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company,” Facebook said.

Speaking at the annual connect conference, Zuckerberg said, “Our annual Connect conference brings together augmented and virtual reality developers, content creators, marketers, and others to celebrate the industry’s momentum and growth. This year’s virtual event explored what experiences in the metaverse could feel like over the next decade — from social connection to entertainment, gaming, fitness, work, education, and commerce. We also announced new tools to help people build for the metaverse, including Presence Platform, which will enable new mixed reality experiences on Quest 2, and a $150-million investment in immersive learning to train the next generation of creators.”

The company also noted that its corporate structure will remain the same but the way it reports its financials will change.

The change to financial reports will start with the fourth quarter of 2021 as the company will report on two operating segments: Family of Apps and Reality Labs.