Facebook is planning a big break with its past and is changing its name next week as part of a major rebranding.
The rebrand could be unveiled by CEO Mark Zuckerberg at the company’s annual Connect conference on Oct. 28, Rand.
But the change could come “sooner,” the tech site said, citing a source with “direct knowledge of the matter.”
The name change is said to be a “carefully kept secret” according to The Verge and is not generally known “even among the entire management team”.
In renaming, Facebook would change the name of its holding company rather than the name of its world-famous social media platform, known internally by the company’s employees as the “big blue app,” The Guardian said.
The social media platform would become “one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus” and is part of a plan for the company to shift its focus on building the so-called “metaverse”, The Verge, called to relocate.
The metaverse is loosely defined as a shared virtual world in which people can interact with one another without being in the same physical space.
Back in July, Zuckerberg told The Verge about his plans to change this company from being “primarily a social media company” and becoming known as a “metaverse company”.
Building the “metaverse” has become the “cornerstone of a new growth strategy” for the $ 1 Tn dollar company, with the name change possibly related to the development of the company’s Horizon Worlds and Horizon Workrooms virtual reality platforms, The Guardian said .
The virtual reality platforms have not yet been released, but Nick Clegg, Facebook’s vice president of global affairs, said, “He’s now taking his Monday morning meetings on the Metaverse with a virtual table and a whiteboard.”
While Facebook positions the name change as part of a “desire to be seen as more than one social media company,” we all know the “real reason,” said Matt Novak, a senior writer at Gizmodo. “The Facebook brand is absolutely toxic.”
His brand image has “fought” on the way from crisis to crisis, including the Cambridge Analytica “debacle” in 2016 and, most recently, the damning testimony of former Facebook employee Frances Haugen to the US Senate, who revealed “what good for Facebook is? be very bad for society, ”he added.
Facebook’s renaming move “is not without precedents,” added The Guardian.
In 2015, Google changed its name to Alphabet, “reflecting its determination to move into new technology fields such as self-driving cars.” And the other social media platform, Snapchat, changed its name to Snap Inc. in 2016, and that same year released its first pair of Spectacles, a portable recording device.