Facebook is planning to rebrand the company with a name that relates to Metaverse. The name change could be a part of a more significant rebranding exercise. CEO Mark Zuckerberg is likely to talk about the name change at Connect conference on October 28th.
Over the past several years, Facebook has evolved to a great extent. It now owns WhatsApp, Oculus, Instagram, and other companies. It looks like the rebrand will convey a message that Facebook is more than just a social media platform. TheVerge reached out to a spokesperson for Facebook, who refused to comment on the story.
The phrase Metaverse implies a product that increasingly interacts with the real world. The name change sounds reasonable as Facebook is working on AR and VR hardware. The company has announced plans to hire 10,000 more people in Europe for Metaverse. Furthermore, the rebrand could help Facebook separate other verticles from social media platforms.
In the future, rebranding could help Facebook avoid scrutiny across all of its groups. Currently, antitrust regulators are investigating Facebook as a former employee testified against them before congress. Facebook’s new company name is reportedly a secret, and not even top management knows about it.
Facebook’s rebranding exercise looks pretty similar to the one Google underwent in 2015. The latter created a holding company called Alphabet. Like Facebook, Google wanted to convey the message that they are not just an internet company. Alphabet Inc is a holding company with more than 160 subsidiary businesses, including Google.
Facebook is embroiled in a series of data and privacy issues. The company has been investigated by the Federal Trade Commission in the US and fined $5-Million. Facebook is dealing with multiple lawsuits across Europe over breach of privacy laws. We are not sure whether rebranding will help Facebook change its image and earn people’s trust.
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