Facebook is Planning to Rebrand as Metaverse
Facebook is planning to change its company name to represent metaverse next week to reflect its focus on building the metaverse, according to a source with direct knowledge of the matter. CEO Mark Zuckerberg plans to talk about the coming name change at the company’s annual Connect conference on October 28th. However, the name could be unveiled sooner, is meant to signal the tech giant’s ambition to be known for more than social media and all the ills that entail.
The rebrand would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. Facebook already has more than 10,000 employees building consumer hardware like AR glasses that Zuckerberg believes will eventually be as ubiquitous as smartphones.
A rebrand could also serve to further separate the futuristic work Zuckerberg is focused on from the intense scrutiny Facebook is currently under for the way its social platform operates today. A former employee turned whistleblower, Frances Haugen, recently leaked a trove of damning internal documents to The Wall Street Journal and testified about them before Congress. Antitrust regulators in the US and elsewhere are trying to break the company up, and public trust in how Facebook does business is falling.
Facebook isn’t the first well-known tech company to change its company name as its ambitions expand. In 2015, Google reorganized entirely under a holding company called Alphabet, partly to signal that it was no longer just a search engine, but a sprawling conglomerate with companies making driverless cars and health tech. And Snapchat rebranded to Snap Inc. in 2016, the same year it started calling itself a “camera company” and debuted its first pair of Spectacles camera glasses.
The new Facebook company name is a closely-guarded secret within its walls and not known widely, even among its full senior leadership. A possible name could have something to do with Horizon, the still-unreleased VR version of Facebook-meets-Roblox that the company has been developing for the past few years. The name of that app was recently tweaked to Horizon Worlds shortly after Facebook demoed a version for workplace collaboration called Horizon Workrooms.
Complicating matters is that, while Facebook has been heavily promoting the idea of the metaverse in recent weeks, it’s still not a concept that’s widely understood. The term was coined originally by sci-fi novelist Neal Stephenson to describe a virtual world people escape to from a dystopian, real world. Now it’s being adopted by one of the world’s largest and most controversial companies and it’ll have to explain why its own virtual world is worth diving into.