Social media giant Facebook Inc, wants to rebrand by changing its name.
The social media giant may change its name next week.
According to The Virge, Facebook Chief Executive Officer, Mark Zuckerberg will soon officially explain the reason for the name change.
Zuckerberg may speak about it either sooner or at his company’s annual Connect conference on October 28.
However, reacting to the news, the tech platform denied the news, calling it a rumour.
A statement by the company said it does not respond to “rumour or speculation.”
Why Facebook may change its name:
Analysts believe Facebook wants to change its name to accommodate its expansion plans.
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According to the report by The Virge, the rebranding would position Facebook’s social media app as one of many products under a parent company.
It said the parent company will also oversee groups like Instagram, WhatsApp, Oculus and others.
Name change not new:
This is not the first time big companies are changing their names to factor in their expansion.
For instance, in 2015, Google rebranded and established Alphabet Inc as a holding company.
It rebranded to expand beyond its search and advertising businesses to include its autonomous vehicle unit and health technology.
Meanwhile, the likely Facebook’s rebranding will accommodate the company’s metaverse venture.
Metrverse is a virtual world relying solely online where people can use different devices to move and communicate in a virtual environment.
The company has recently invested heavily in virtual reality (VR) and augmented reality (AR).
Recently, Facebook launched Oculus virtual reality headsets in line with its Meterverse dream.
The CEO, Mark has not relented in talking about this dream.
In a statement, Zuckerberg had said, “In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company.”
He had also added saying, “In many ways, the metaverse is the ultimate expression of social technology.”
Facebook recently changed the name of its in-development VR gaming platform from ‘Horizon’’ to “Horizon Worlds.”
Consequently, The Virge hinted that the company may change its mega name into another that bears the word “Horizon.”
Implications:
Although rebranding may help Facebook accommodate its expansion dream, such change may affect its shares.
Also, what it means is that the over 2 billion users of the platform would have to readapt to the new name.
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