On 28 October, Facebook CEO Mark Zuckerberg announced it would change its name to Meta, putting a halt to rumors revolving the company’s renaming. The renaming indicates an effort to rebranding and reflecting its expansion into the metaverse.
Metaverse is a concept rooted in science-fiction novels that refers to an extensive online world. As per reports, a name change is a signal to the market along with the company’s competitors and advertisers regarding the broader shift in a company’s focus and portfolio, although its namesake product keeps the same title.
Rebranding Company’s Image
According to Patti Williams, a professor in the marketing department of the University of Pennsylvania’s Wharton School, “Brands also seek to change their names when there’s a merger or change in strategic direction, or when the current name isn’t working.”
Renaming is another attempt at rebranding the company’s image and broadcasting the audience that the company is seeking to deliver new goals and messages while keeping its core values intact.
About Facebook: Facebook is one of the most popularly used social media platform. Facebook Meta has been hitting the headlines recently been as the subject of scrutiny including its pursuit of younger users and how it responds to the misuse of products. “From now on, we’re going to be the metaverse first, not Facebook first,” Zuckerberg said at the company’s annual Connect conference, adding that the company’s brand “is so tightly linked to one product that it can’t possibly represent everything we’re doing today, let alone the future.”