Social media giant, Facebook, created shockwaves when it announced a complete rebranding. First established in 2004 by Mark Zuckerberg, the social platform sky-rocketed, now with over 2 billion active users. Without any major rebrands since its creation, it was a huge surprise when Zuckerberg announced that the Facebook Company will now take on the name Meta. What exactly does this rebranding mean for the company and its users? We’ll break it down.
Why is Facebook rebranding?
There are two main reasons that companies change their name: if they have developed a poor reputation, or if they are looking to redirect their company’s trajectory. Sometimes, companies encounter both of these reasons at once, and this appears to be the case for Facebook. The large social media company has come under public scrutiny a number of times in recent years. For this reason, a lot of people are assuming that the rebranding is an attempt to clear any negative perceptions of the company and to increase favourability. However, Mark Zuckerberg insists that this change is simply to reflect the new direction for the company, which seeks to be a better representation of all platforms it owns. After all, the Facebook company owns a lot more than just Facebook now. Having bought apps, such as Instagram and WhatsApp, the Facebook company believes that renaming to Meta better encapsulates its portfolio.
How does this impact users?
So, with all these billions of people who regularly use Facebook-owned apps, how will this rebranding impact them? This could mean a great change for millions of users. A notable change for Facebook is the increase in privacy settings and transparency with users, addressing the numerous issues with the platform in the past. This includes the stop of automatic facial recognition in posted photos and alt-text generation. These privacy improvements also carry across to Messenger and Instagram, aiming to create a safer space for communication with end-to-end-encryption and increased protection from potential abuse. Overall, Meta will be working toward resolving a lot of issues that arose from investigations into Facebook’s privacy and data processes.
What is the Metaverse?
There is one massive change coming with Meta: the promised introduction of an exciting new digital space for its users, the ‘Metaverse’. Whilst it may be 10-15 years before this whole platform is built and available to the public, there is a lot of excitement around this feature. Users will be able to enter into a virtual world as a 3D avatar and interact with other users in different virtual landscapes. Meta will be using technologies, such as Virtual Reality, Augmented Reality, and even Smart Glasses to make this vision come to life. Users can look forward to exploring the Metaverse for recreation and work purposes, with plans for social spaces and even virtual offices.
How will Meta impact businesses?
Over the past year, Facebook and other companies have been working harder to protect the privacy and data of their users. With this increased focus on privacy protection for users across all platforms, it is becoming more difficult to research and track potential customers. For companies and industries that rely on tracking consumer journeys online, there may be obstacles to overcome. However, there are also opportunities in the future for companies to expand into the Metaverse, as a means of marketing, functionality, and working remotely.
Keeping Up With Meta
It’s been proven over and over again that our world is always evolving, and it’s happening quickly! Whether you work in the digital and technological industries or not, these changes have major implications. It’s important to remain up-to-date on news about the platforms we all use so much. The TwentyTwo Digital team is constantly researching important updates and trends to keep you informed as well, so keep an eye on our blogs for the latest news!