As you already know, Meta Is Now Facebook. In October 2021, media outlets reported that the parent company of Facebook planned to change its name. More so, in order to “reflect its focus on building the Metaverse” as seen in a jmexclusives article back in July. Whereby, it was rebranded as Meta later that month on October 28.
Facebook filed for an initial public offering (IPO) on January 1, 2012. The preliminary prospectus stated that the company sought to raise $5 billion, had 845 million monthly active users. And a website accruing 2.7 billion likes and comments daily. After the IPO, Zuckerberg would retain a 22% Facebook ownership share — with 57% voting shares.
In 2020, Facebook, Inc. spent $19.7 million on lobbying, hiring 79 lobbyists. Whilst, in 2019, it had spent $16.7 million on lobbying and had a team of 71 lobbyists. This figure is up from $12.6 million and 51 lobbyists in 2018. So, what is it?
What Is Meta?
Meta Platforms, Inc., doing business as Meta (formerly Facebook, Inc.), is an American multinational technology conglomerate holding company based in Menlo Park, California. As of today, Meta is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries. And the world’s most valuable companies in the world.
Likewise, it’s also considered as one of the Big Tech companies in U.S. information technology — alongside Amazon, Google (Alphabet), Apple, and Microsoft. The company generates the vast majority of its revenue by selling advertisement placements to marketers. The word “Meta” comes from the Greek language and means “Beyond.”
As of now, Meta has an indication of the futuristic Facebook motive while offering a variety of associate products and services. Including Facebook, Facebook Messenger, Facebook Watch, and Facebook Portal. It has also acquired Oculus, Giphy, and Mapillary, and has a 9.99% stake in Jio Platforms.
According to Facebook Community Values, they want to give people the power to build community and bring the world closer together. To do that, they ask that you help create a safe and respectful online space. For one thing, these values encourage constructive conversations on its social network.
Why Meta Is Now Facebook
With Meta, you can now easily start with an open mind — whether you agree or disagree, engage with empathy. However, comments violating Facebook Community Standards will be removed or hidden. So please treat everybody with respect. Keep it constructive. Not forgetting, you can use your interactions here to learn about and grow your understanding of others.
Meta is a new version of Facebook for you to share your vision for the future. Whether you’re imagining feeling closer to your long-distance family members or dancing with your friends wherever they are. Following a period of intense scrutiny and damaging whistleblower leaks, news started to emerge on October 21, 2021, about Facebook’s plan to rebrand the company and to change its name.
In the Q3 2021 Earnings Call, on the 25th of October, Mark Zuckerberg discussed a few things. Like the ongoing criticism of the company’s social services and the way it operates. As well as the way it pointed to the pivoting efforts to building the metaverse — without mentioning the rebranding and the name change.
In nutshell, it’s good to note that the main reason for the Facebook rebranding to Meta is part of the company’s big global plan. And that is to develop a virtual world but critics say it’s an attempt to shift focus from recent controversies. But, the social networking names of the apps that it builds — Facebook, Instagram, Messenger, and WhatsApp — will remain the same.
The Real Meaning Of Meta With Examples
Technically, Meta is a prefix — a word put before another — that means after or beyond, to operate at a higher level, or change. For example, Metacarpus (the finger bones after the wrist), Metalanguage (language used to describe another language), Metamorphosis (a change of form), etc. But, it has another meaning in pop culture: to describe when something is being self-aware.
You see this in movies and TV shows that break the fourth wall by doing something that acknowledges the audience is watching. To be more specific, the best example of Meta is the Comedy Series Community as such. Keeping in mind, throughout its six seasons, the show mastered meta by integrating part of the actors’ religion into their characters.
Whilst, paying homage to other shows with themed episodes. Eventually, it blatantly calls out itself as a show by “doing a bottle episode”. On the other hand, another great example of a show that goes Meta is Rick and Morty (TV Series) too. That’s co-created by the same writer who made Community, Dan Harmon.
Uniquely, 30 Rock, created by Tina Fey, was also well known for its meta-references. Particularly, when Fey’s character Liz Lemon directly asked advertisers “can we have our money now?” after product placement. So, with that in mind, what is Metaverse and how does it relate to Facebook Meta.
What Is Metaverse?
The Metaverse vision and the name change from Facebook, Inc. to Meta Platforms were first introduced at Facebook Connect on the 28th of October, 2021. Based on Facebook’s PR campaign, the name change reflects the company’s shifting long-term focus of building the Metaverse. In the video below, you’ll see a clear breakdown of what Metaverses are, how they work, and why they are important.
To watch it, you can just click on the inside bar to play the video on your gadget browser. Also, don’t forget to subscribe to our YouTube channel as well for more related video explainers. In general terms, Metaverse is a digital extension of the physical world by social media networks like Facebook. As well as virtual reality, and other key augmented reality features.
It’s a form of new cloud computing technology that has changed the way we connect. In short, Metaverse is a future built by everyone, for everyone! Especially, where your imagination is more important than the circumstances of your birth. And where you can represent yourself however you want. Metaverse will allow a future that everyone will have a stake in.
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Through Metaverse, we’ll have shared life’s moments with our friends and family. We’ll also be able to make new friends and even reconnect with old ones. Next, we’ll be taking a giant step forward to move beyond 2D screens. And then, towards immersive technologies that enable a sense of true presence.
For instance, where individuals and businesses will be able to build, own, invest, sell, and be rewarded for a vast and diverse range of creative output. Including games, different experiences, objects, and spaces. All this while investing in AR and VR technologies.
Technologies that merge the physical and virtual worlds in order to create new opportunities for everyone. That said, you can see all the Pros & Cons of Metaverse Technology in detail.
Why Metaverse Is The Next Cloud Technology
In reality, we live in the real world. But what if we want to own a piece of a virtual world, can we? That’s where a Metaverse fits in. This is a layer in Decentralized Finance or DeFi is that is seeing a lot of innovation and will see a lot of innovation in the coming years.
The Metaverse is a “successor state” to the modern internet, with all the same content but fewer limitations as to where and how that content can be accessed. Of course, many current online platforms allow users to move about somewhat freely within the confines of specific services.
However, they limit interoperability between platforms: you can build anything in “Minecraft,” but you can’t transfer your creations into a “Fortnite” map. The Metaverse will allow users to generate their own content. And then, distribute it freely throughout a widely accessible digital world.
Unlike the modern internet, Metaverse users will experience changes in real-time by all users. If a user makes any kind of change to the Metaverse, that change will be permanent and immediately visible to everyone else.
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The persistence and interoperability of the Metaverse will afford users increased continuity of identity and experience compared to the modern internet. In the Metaverse, users won’t need to have separate Twitter profiles. Or rather, “Fortnite” characters, and Reddit accounts.
As a result, they’ll simply be themselves across all channels. This continuity of identity will be a core factor behind how users purchase and consume content in the Metaverse. “The brands that are progressive in this area are the ones that understand just one fact.
That self-expression is such an important component of why people spend so much time online,” said Christina Wootton, VP of brand partnerships at Roblox. “They can be who they want to be.”
Other Facebook Mergers & Acquisitions:— Rebranding Outlook
As I mentioned, Meta Platforms (formerly Facebook, Inc.) is a technology company that has acquired 91 other companies, including WhatsApp Messenger App. The WhatsApp acquisition closed at a steep $16 billion; more than $40 per user of the platform.
Meta also purchased the defunct company ConnectU in a court settlement and acquired intellectual property formerly held by rival Friendster. The majority of the companies acquired by Meta are based in the United States. And in turn, a large percentage of these companies are based in or around the San Francisco Bay Area.
Additionally, Meta has also made investments in LuckyCal and Wildfire Interactive. Most of Meta’s acquisitions have primarily been “talent acquisitions” and acquired products are often shut down. In 2009, Meta (as Facebook) CEO Mark Zuckerberg posted a question on Quora.
The question was titled “What startups would be good acquisitions for Facebook?“, receiving over 1K answers. He stated in 2010 that “We have not once bought a company for the company. We buy companies to get excellent people… In order to have a really entrepreneurial culture one of the key things is to make sure we’re recruiting the best people.
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One of the ways to do this is to focus on acquiring great companies with great founders.” The Instagram acquisition announced on April 9, 2012, appears to have been the first exception to this pattern. While continuing with a pattern of primarily talent acquisitions, other notable product-focused acquisitions too.
Including the $19 billion WhatsApp acquisition and the $2 billion Oculus VR acquisition. So, before today, were you aware that Facebook owns Oculus, and develops AR/VR headsets? Of course, now you know! Now, go ahead and boast to your family and friends! As you live the unbelievable!
Generally, Oculus Quest 2 gives you the freedom to do it all. And, as one of the key web tools by Meta, there are no wires… It’s a world of experiences. Unlike anything else —that you’ve ever seen before. Oculus Is All-In-One. One For All! Whereas, you can Buy Quest 2 today — get $10 off of a Quest 2 Elite Strap With Battery, for double the playtime.
Now through 12/26.* Free shipping. Easy Returns. As you also get endless games, entertainment, live events, fitness, and so much more. Conquer leaderboards, crush workouts, create with friends, and more. Get lost in a growing library of VR classics and all-new experiences (learn more).
Meta ranked No. 34 in the 2020 Fortune 500 list of the largest United States corporations by revenue, with almost $86 billion in revenue. Whereby, most of it comes from advertising. Not to mention, one analysis of 2017 data determined that the company earned US$20.21 per user from advertising.
Perse, the Metaverse is the next evolution of social connection. It’s a collective project that will be created by people all over the world, and open to everyone. You’ll be able to socialize, learn, collaborate and play in ways that go beyond what’s possible today.
By all means, you can still experience every moment of Facebook Connect as of 2021 and even beyond. Watch keynote content and developer sessions on demand. Plus, like the Facebook Reality Labs Page to get updates on next year’s conference.
In addition, you are also likely to hear from Mark Zuckerberg, John Carmack, and other expert developers. Discover how the future of augmented and virtual reality will be built by the many. And, as such, you can click here for the main discussion agendas.
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But, skeptics have suggested the move by Facebook to Meta is just an attempt to move attention away from the so-called Facebook papers. More so, as seen from the documents, leaked by a former Facebook worker.
The document revealed how Facebook ignored or downplayed internal warnings about the negative and often harmful consequences it’s social network algorithms created. Or rather, as magnified across the world. However, we’re yet to get into a full realization of Meta as time goes by.
So, with that in mind, and now that you know what Meta and Metaverse are, and how it works, you can let us know or hear a few insights from you. Whereby, you can either send your answers to us or even share them in our comments section below this blog article.
Consider the following key questions:
- Have you understood what Metaverse is?
- Do you think Metaverse is beneficial?
- How do you think it should work?
- When do you think it will be effective?
- What are your key concerns?
In that case, feel free to share some of your opinion thoughts, suggestions, contributions, recommendations, or even questions in our comments section below. And, all in all, if you’ll need more support, you can Contact Us and let us know how we can help. You can also donate to contribute to our daily activities as well as motivate our team.