Why Facebook Changes Company Name To Meta?

Why Facebook Changes Company Name To Meta?

Meta - Facebook


AILSA CHANG, HOST:

OK. Facebook has a brand new call. CEO Mark Zuckerberg introduced nowadays that the enterprise is rebranding itself as Meta. It'll be constructed on a futuristic, immersive social enjoy called the metaverse.

(SOUNDBITE OF ARCHIVED RECORDING)

MARK ZUCKERBERG: Today we are visible as a social media enterprise, however in our DNA, we are a enterprise that builds generation to attach human beings. And the metaverse is the following frontier.

CHANG: The metaverse comes because the enterprise is being broadly criticized for a way it is controlled the goods it has now, particularly Facebook and Instagram. NPR's Shannon Bond covers Facebook - or, lets say, Meta - and joins us now. Hey, Shannon.

SHANNON BOND, BYLINE: Hey, Ailsa.

CHANG: All proper. Can you simply deliver us the fundamentals here? What precisely is going on to this enterprise?

BOND: Yeah. So simply to be clear, like, Facebook, the social community human beings use - it is nevertheless going to be Facebook. What's converting is the company call, and that is going to alternate to Meta. And so that you will have this enterprise, Meta, that owns those social media apps like Facebook, Instagram, WhatsApp. And then it is also doing all of this paintings in digital fact it is approximately constructing those reports in an effort to make up this aspect they're calling the metaverse.

CHANG: Right - the metaverse. What is the metaverse, Shannon? Like, why is that this any such huge deal to Zuckerberg?

BOND: Yeah. I mean, this time period comes from technology fiction, however it's far famous proper now in Silicon Valley. And it is used to explain those type of immersive virtual reports where, like, you could do all types of matters in actual lifestyles however on line and in digital fact, whether or not going to concerts, assembly together along with your boss, operating out. This already exists to a few diploma with video video games like Fortnite. So nowadays Zuckerberg emceed a glitzy presentation at this Connect convention the enterprise holds, displaying all of it off whilst additionally admitting that is years away withinside the future.

What I suppose is likewise essential to recognize approximately this, though, Ailsa, is that is additionally approximately the enterprise's want to attraction to more youthful human beings. Facebook the social community, you know, is hastily turning into the social community for antique human beings. The teenagers are on TikTok. Zuckerberg is aware of this. He's been looking to redirect the enterprise to chase after more youthful users, each on its current social apps and now in those new digital reports that they see because the future. And in the event that they cannot do that, it is a actual existential trouble for this enterprise.

CHANG: Absolutely. Well, with this reorganization, is Zuckerberg's position on the enterprise converting at all?

BOND: No. I mean, he changed into the CEO of Facebook. Now he will be the CEO of Meta - no hill alternate there, proper? He nevertheless holds extensive manipulate over this enterprise. He has the bulk of balloting shares. And I suppose we noticed nowadays his enthusiasm for this imaginative and prescient of the metaverse indicates he is going to be very involved, very hands-on with those new merchandise as we have got visible him be together along with his social community. So that is nevertheless a Mark Zuckerberg production.

CHANG: OK. Well, as we stated earlier, the enterprise is withinside the center of a disaster over how Facebook influences younger human beings, as nicely as, you know, the quantity of incorrect information on its platform. So what do you're making of the timing of this entire announcement?

BOND: Yeah. I mean, Facebook will say this has been withinside the works for a whilst. But, proper, of course, in only the final month, this enterprise has been battered through information testimonies stemming from a trove of leaked inner documents. It's being wondered through Congress, through regulators, even through the U.K. parliament nowadays. I spoke with Prashant Malaviya. He's a advertising professor at Georgetown University. And he says with the entirety going on, irrespective of what the inducement is at the back of this call alternate, it type of simply finally ends up searching just like the enterprise is attempting to run farfar from all this terrible stuff.

PRASHANT MALAVIYA: And the query actually is, you know, is the timing truly unfortunate? Or is the timing clearly misguided, that they're - they suppose that they could clearly do that so as to triumph over the negativity this is surrounding them proper now?

BOND: And look, Ailsa. You know, this enterprise - Facebook, Meta, anything you need to name it - it is been via many crises of its personal making. Judging through its file profits, its commercial enterprise has now no longer suffered, however its logo truly has. So I suppose what is positive isn't anyt any rely what it is called, it'll face the equal scrutiny and complaint over the entirety that it builds.

CHANG: And we must word that Facebook or Meta is amongst NPR's economic supporters. That is NPR's Shannon Bond. Thank you, Shannon.

BOND: Thank you.

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