{"id":3392,"date":"2021-10-30T15:13:47","date_gmt":"2021-10-30T15:13:47","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift"},"modified":"2021-10-30T16:51:30","modified_gmt":"2021-10-30T16:51:30","slug":"facebook-changes-name-to-meta-to-highlight-virtual-reality-shift","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift","title":{"rendered":"Facebook changes name to Meta to highlight virtual reality shift"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality.<\/p>\n

\u201cThe metaverse is the next frontier,\u201d Chief Executive Officer Mark Zuckerberg said in a presentation at Facebook\u2019s Connect conference, held virtually on Thursday. \u201cFrom now on, we\u2019re going to be metaverse-first, not Facebook-first.\u201d<\/p>\n

The name change is the most definitive signal so far of the company\u2019s intention to stake its future on a new computing platform \u2013 the metaverse, an idea born in the imaginations of sci-fi novelists. In Meta\u2019s vision, people will congregate and communicate by entering virtual environments, whether they\u2019re talking with colleagues in a boardroom or hanging out with friends in far-flung corners of the world.<\/p>\n

The new name won\u2019t affect how the company uses or shares data, and the corporate structure isn\u2019t changing. The company said its stock will start trading under a new ticker, MVRS, on Dec. 1.<\/p>\n

The erstwhile Facebook is hoping to parlay its social-media user base, comprising more than 3 billion people globally, into an audience that will embrace immersive digital experiences through devices powered by augmented and virtual reality software, a business already being aggressively pursued by Meta and its rivals.<\/p>\n

\u201cRight now, our brand is so tightly linked with one product that can\u2019t possibly represent everything we\u2019re doing today,\u201d Zuckerberg said, \u201clet alone in the future.\u201d<\/p>\n

Adoption of virtual reality gadgets \u2013 like Meta\u2019s Oculus headset \u2013 has so far been minimal and their use mostly relegated to games and other niche applications. While achieving the broader vision of the metaverse is still years away, at Thursday\u2019s event Meta announced a handful of product updates meant to advance that goal.<\/p>\n

Shares of the Menlo Park, California-based company, which have increased more than 750% since its May 2012 initial public offering, rose 3.5% to $323.24 at 2:43 p.m in New York trading.<\/p>\n

The name change follows Meta\u2019s disclosure on Monday that it will start breaking out financial results for the division known as Reality Labs, which includes the Oculus hardware division, next quarter. Meta wants to separate its main digital advertising business from its new investments in AR and VR to let investors see the costs and revenue associated with those efforts. The company also said it will see a $10 billion reduction in operating profit this year because of investments in Reality Labs.<\/p>\n

Meta may have other reasons to make changes to its corporate identity. Leaning harder into the metaverse lets the company appear to be diversifying its business at a time when it\u2019s facing new pressures in the social media market. Younger rivals such as ByteDance Ltd.\u2019s TikTok are gaining traction among the under-25 age cohort, and Zuckerberg said on Monday he is retooling Meta to focus on attracting young adults again.<\/p>\n

Building out the metaverse will also allow Meta to reduce its dependency on mobile operating-system and browser makers such as Alphabet Inc.\u2019s Google and Apple Inc. to deliver services to consumers. Meta\u2019s third-quarter sales and the fourth-quarter forecast missed analysts\u2019 estimates in part because of Apple\u2019s new rules around the data apps like Facebook and Instagram can collect from iPhone users. The company seems increasingly aware that it doesn\u2019t own the foundations of the digital real estate most users occupy.<\/p>\n

\u201cAt some point, over the next decade, there is going to be a new computing platform,\u201d said Mark Shmulik, an analyst at Sanford C. Bernstein. \u201cSo their view is like when it does change over, we want to be \u2013 for lack of a better word \u2013 the Apple or the Google.\u201d<\/p>\n

Still, Meta is a money-making machine, and has grown to be the sixth most-valuable company in the world by market capitalization. Revenue is expected to top $117 billion this year, up from $5 billion in 2012, the year Facebook went public. Net income is projected to approach $40 billion in 2021. The social network has about 24% of the estimated $200 billion digital advertising market, according to analyst EMarketer Inc., dominating the industry alongside Google, which leads with about 29%.<\/p>\n

Meta may also be hoping the name change will divert public conversation from a wave of negative news reports based on the documents collected by former product manager-turned whistle-blower Frances Haugen. The documents, dubbed the Facebook Papers, were disclosed to the U.S. Securities and Exchange Commission and provided to Congress in redacted form by Haugen\u2019s legal counsel. The company is battling accusations that it has misled investors and the public about its user growth, efforts to fight hate speech and disinformation, and how the platform was used to organize the Jan. 6 attack on the U.S. Capitol.<\/p>\n

Zuckerberg pledged that the metaverse will have privacy standards, parental controls and disclosures about data use that his social network has famously lacked.<\/p>\n

\u201cEveryone who\u2019s building for the Metaverse should be focused on building responsibly from the beginning,\u201d Zuckerberg said during a video presentation on Thursday. \u201cThis is one of the lessons I\u2019ve internalized from the last five years \u2013 that you really want to emphasize these principles from the start.\u201d<\/p>\n

Andrew Bosworth, the longtime executive who has been overseeing Meta\u2019s AR and VR products since 2017, has been tapped to take over as chief technology officer in early 2022, a role that includes overseeing the company\u2019s development of the metaverse.<\/p>\n

Realizing the company\u2019s vision of a widely used metaverse will be an uphill fight. For starters, Meta will have significant competition when Apple releases a rival VR device. Facebook was years behind rival Snapchat with its debut last month of Ray-Ban Stories, smart glasses that can record audio and video but don\u2019t yet have AR capability. Zuckerberg has said that multiple companies should build and contribute to the metaverse with interoperability in mind.<\/p>\n

Meta is also likely to face questions from regulators about how it will protect privacy and manage the potential for hateful or harassing content the new digital worlds of the metaverse. Finally, building out the metaverse is going to require a lot of money up front, with no guarantee the idea will take off.<\/p>\n

\u201cIt\u2019s a significant amount of capital to invest in frankly a nebulous idea at this point,\u201d Shmulik said. \u201cYou have to believe you\u2019re going to get the use-case correct that\u2019s going to drive consumer adoption.\u201d<\/p>\n

The social network in the past has sought to put the Facebook imprint front and center on more of its products. In late 2019, it tried to make clearer that many of the most popular social apps, like Instagram and WhatsApp, are Meta-owned products, while simultaneously creating a distinction between the corporation and the flagship app.<\/p>\n

Meta isn\u2019t the first tech giant to rebrand. Internet search leader Google changed its corporate name to Alphabet in October 2015, seeking to provide a stronger, more accountable corporate structure to oversee its disparate businesses, co-founder Larry Page said at the time. Alphabet became the holding company for Google, self-driving car developer Waymo, life-sciences subsidiary Verily and others, including a variety of experimental endeavors.<\/p>\n

Apparel brands have made their own attempts to create new corporate identities. In 2017, leather-goods maker Coach Inc., which also owns the Stuart Weitzman and Kate Spade product lines, changed its name to Tapestry Inc. The following year, Michael Kors Holdings Ltd. rechristened itself Capri Holdings Ltd. after agreeing to buy the Versace brand.<\/p>\n

For More News And Analysis About South-Sudan<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality. \u201cThe metaverse is the next frontier,\u201d Chief Executive Officer Mark Zuckerberg said in a presentation at Facebook\u2019s Connect conference, held […]<\/p>\n","protected":false},"author":84,"featured_media":3391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[234,265,186,1565,233,1564],"class_list":["post-3392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-south-sudan","tag-facebook","tag-reality-shift","tag-south-sudan","tag-virtual"],"yoast_head":"\nFacebook changes name to Meta to highlight virtual reality shift - South Sudan<\/title>\n<meta name=\"description\" content=\"Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired i ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook changes name to Meta to highlight virtual reality shift\" \/>\n<meta property=\"og:description\" content=\"Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-30T15:13:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-30T16:51:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2021\/10\/img-617d77f3826d0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Facebook changes name to Meta to highlight virtual reality shift\",\"datePublished\":\"2021-10-30T15:13:47+00:00\",\"dateModified\":\"2021-10-30T16:51:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift\"},\"wordCount\":1257,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2021\/10\/img-617d77f3826d0.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"Facebook\",\"reality shift\",\"South-Sudan\",\"virtual\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/facebook-changes-name-to-meta-to-highlight-virtual-reality-shift\",\"name\":\"Facebook changes name to Meta to highlight virtual reality shift - 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