Meta Platforms, Inc. Meta formerly Facebook, Inc., is an American multinational technology conglomerate holding company based in Menlo Park, California. It is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries. It is one of the world’s most valuable companies and is considered one of the Big Tech companies in U.S. information technology, alongside Amazon, Alphabet Inc. (parent of Google), Apple, and Microsoft. The company generates a substantial share of its revenue from the sale of advertisement placements to marketers.
Meta offers other products and services, including Facebook, Messenger, Facebook Watch, and Facebook Portal. It has also acquired Oculus, Giphy and Mapillary, and has a 9.99% stake in Jio Platforms.
In October 2021, media outlets reported that the parent company of Facebook planned to change its name to “reflect its focus on building the Metaverse”; it was rebranded as Meta later that month on October 28. The word “meta” comes from the Greek language and means “beyond”, indicating the futuristic motive.
Is Meta different from Facebook?
Facebook is only changing its name. Now the company is going to be called Meta. The new platform brings together apps and technologies under one new company brand. But worry not, if you are a Facebook user this doesn’t change anything for you. The same is for Instagram users and WhatsApp users. The websites and apps they use will continue to retain their old names.
The Metaverse will be a collective project that goes beyond a single company. It will be created by people all over the world, and open to everyone.
What is Metaverse?
The Metaverse (a portmanteau of “Meta-” and “universe”) is a hypothesized iteration of the internet, supporting persistent online 3-D virtual environments through conventional personal computing, as well as virtual and augmented reality headsets. Metaverses, in some limited form, are already present on platforms like VRChat or video games like Second Life.
Current Metaverse ambitions are centered on addressing technological limitations with modern virtual and augmented reality devices, as well as expanding the use of Metaverse spaces to business, education, and retail applications. Numerous entertainment and social media companies have invested in Metaverse-related research and development.
The Metaverse has come to be criticised as a method of public relations building using a purely speculative, “over-hyped”concept based on existing technology. Information privacy and user addiction are concerns within the Metaverse, stemming from current challenges facing the social media and video game industries as a whole.
The name was chosen by Mark Zuckerberg hoping Facebook (now Meta) will be represented by the Metaverse, the name for a shared online 3D virtual space that a number of companies are interested in creating as a sort of future version of the internet.