The plan to change Facebook’s name is a reflection of the metaverse’s priority
Facebook plans to change the company’s name, as first reported by The Ship, will arrive at a different time. The nearly $ 1 trillion company that owns Instagram and WhatsApp is facing this biggest scandal in years about the condemnation of document contents released by a whistleblower, as well as increased antitrust scrutiny from legislators and regulators.
What exactly happened? Did the name change mean to be able to interfere with many of its problems? A sign of more company changes to come? And when did this idea first come to Facebook?
There’s a lot more we don’t know, including what exactly the new corporate name is on Facebook. The Verge has indicated that it will connect with the company points to the “metaverse,” an evolving digital platform enhanced with augmented and virtual reality where people interact through digital avatars.
“We’re not commenting on the rumor or speculation.” said Facebook spokesman Joe Osborne in response to Recode’s questions about the company.
But one thing this rebrand makes clear is that despite the many challenges Facebook faces, it’s not slowing down or staying in a defensive turn. It still has in its visions the expansion of its dominance and world building, which is what the metaverse plans are trying to achieve.
Instead of announcing serious reforms in response to the whistleblower’s revelations, CEO Mark Zuckerberg has no patience. However, he and his company dismissed the whistleblower’s complaints and evidence, and plowed forward with a long-standing plan to turn the science-fiction concept into a metaverse into a business reality.
For Facebook, this is not a new idea. Zuckerberg sees the metaverse as the next phase of major technological innovation similar to the invention of the internet or mobile phones.
Said the CEO journalist Casey Newton in March that Facebook could be a metaverse company – not a social media company – in the next five years. The company recently announced 10,000 new EU employees to work in the metaverse. And the reported name change indicates that Zuckerberg will change the entire Facebook brand around it. The name change could also help Facebook distance itself from the baggage associated with its flagship product while producing the shine of these new metaverse-related products, such as Oculus headsets and other AR / VR wearing devices.
Some Facebook critics argue that a brand new name serves as a convenient distraction for the media from the deeper issues being prepared-compared to the tobacco giant’s strategy. Philip Morris changed its name to Altria in 2001 or British Petroleum to BP Amoco in the late 90s and then BP in 2001.
“Faced with a tsunami of evidence of irresponsible behavior and possible criminal offenses, Facebook is desperate to change the subject,” said Roger McNamee, an early investor in the company that has become one of the most notorious critic of the company, told Recode. “Journalists and lawmakers should continue to focus on the crime scene, not the arm-twisting.”
Often, corporate name changes for a Facebook-sized company require lengthy planning and strategizing, so it’s unlikely that the company will think overnight-even if it’s credible that the past events can hasten a decision that has already been made. Facebook has struggled to appeal its brand since before Haugen’s certification.
And so far, the only reported name change urges labi pa inspection and seems to have aroused the anger of some lawmakers, such as Sen. Marsha Blackburn (R-TN). Blackburn led the influential bipartisan sub-committee on Senate Commerce that led an investigation into the whistleblower’s claims; she tweeted on Wednesday that Facebook Changing its name to “makes no difference until they change their habit of putting income before the welfare of children.”
While the world waits to find out about Facebook’s rebrand, an important detail to watch out for is whether there will be a real change in the company’s structure. If Google revamped its business lines under the Alphabet umbrella in 2015, it was intended in part to allow co-founders Larry Page and Sergey Brin to take a step away from finding the company’s business and instead focus on more experimental innovation. While Zuckerberg has shown no indication that he plans to do so, people will be wary if there is a distinct organizational or leadership change to come with this rebrand.
Meanwhile, these reported plans announce that no matter how much reputation it hits, Facebook can’t be stopped from pursuing business goals. Despite all the public scandals, the company has also been successful financially, earning tens of billions in revenue every month. And while the Facebook features took a famous 5 percent dip shortly after the whistleblower became public and an unusual network loss, the price was already there repeated, and analyst expect another strong income report next week. That success seems to give a mandate to Zuckerberg to further his ambitious agenda – which at the moment seems to be nothing like the bad reality of Facebook today, but creating a new one for tomorrow.