Nagpur: Facebook’s CEO Mark Zuckerberg on Thursday announced that it is changing the parent company’s name to ‘Meta.’ The development comes as the social media giant battles criticism from the lawmakers and regulators over the market power.
Zuckerberg while speaking at the company’s live-streaming virtual and augmented reality conference said the name change is focused on building the metaverse. However, the names of the applications under Facebook—Instagram, Messenger and Whatsapp would remain the same. He also added that he wouldn’t change the corporate structure.
During the live streaming, Zuckerberg plans to bring the applications and technologies under the new company brand. He aims the company to venture into virtual reality products and believed that it would happen best under ‘Meta.’
Zuckereberg claims that the defining quality of the metaverse will be a feeling of presence and the users will be able to do things like get together with family and friends, work, play and even shop. The Metaverse will not be created by just one company, instead, it will be a collective effort of creators and developers.
He aims to focus on the security and privacy of the new platform right from day one and wants that the new platform should be accessible to as many people as possible. Meta-services will reportedly cost less just like other mobile applications which provide services without really costing any money.
