Facebook Inc has changed the name of the company to Meta, in a rebrand that focuses on investing in the "metaverse," a shared virtual environment that it bets will be the successor to the mobile internet.

 

The company's namesake social media service will continue to be called Facebook.

 

The name change comes as the world's largest social media company battles criticisms from lawmakers and regulators over its market power, algorithmic decisions and the policing of abuses on its services, said a Reuters report.

 

CEO Mark Zuckerberg, speaking at the company's Connect 2021 conference, introduced Meta, which 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, he said.

 

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 one share immersive experiences with other people even when one can’t be together — and do things together one 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 the company, Zuckerberg shared in a founder’s letter.

 

"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," he said.

 

He said the company's corporate structure is not changing, however, how it reports its financials will. Starting with its results for the fourth quarter of 2021, it plans to report on two operating segments: Family of Apps and Reality Labs. "We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data," he said.

 

Meta builds technologies that help people connect, find communities, and grow businesses. "When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology," the company said.