(CelebrityAccess) — Amid mounting criticism about the company’s business practices and market influence, social media titan Facebook announced a major rebrand that will see the company change its name to Meta.
Facebook founder and CEO Mark Zuckerberg announced the change on Thursday during the company’s annual AR/VR-oriented Connect conference, stating that the change will bring Facebook’s apps and technology together under one brand and underscoring the company’s pivot towards virtual and augmented reality experiences.
“The next platform will be even more immersive — an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build,” Zuckerberg said in a ‘Founders Letter’ released on Thursday.
“The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this,” Zuckerberg added.
According to Facebook, the branding shift won’t change the fundamental structure of the company, nor will it alter the company’s widespread use of people’s personal data for their own gain.
However, the rebrand will impact the company’s financial reporting for the fourth quarter of 2021. The company said they plan to report financial results for two operating segments: Family of Apps and Reality Labs, going forward.
During the Connect Conference, Meta looked at the various ways that virtual reality and augmented reality will impact entertainment, gaming, fitness, work, education and the company showcased virtual interaction spaces such as Horizon Worlds, which is currently in beta and Horizon Workrooms, which Meta sees as a virtual workspace.
Meta also debuted Horizon Venues which purports to provide virtual access to a variety of live events such as concerts, comedy, and sports. The platform includes both a social mode, allowing interactions with other virtual fans, or a solo mode for a private viewing experience.
Horizon Venues has been released into early, limited beta and upcoming events include One:Empower and One:Revolution, which features Mixed Martial Arts, Kickboxing and Muay Thai, and Micro Monsters with David Attenborough, a close-up look at spiders and insects.