My1sttoday Tech — Facebook is planning to change the company name, according to report. The tech giant is planning to rebrand itself with a new name focused on the metaverse, the Verge reported on Tuesday.
Facebook’s founder and chief executive, Mark Zuckerberg, is preparing to talk about the name change at a company event next week, the Verge reported. Citing a source with direct knowledge of the matter that Facebook wants to be known for more than social media.
Under the plans, Facebook would change the name of its holding company but not that of its eponymous social media platform, known internally as the “big blue app”. As well as its founding site, the company also owns Instagram, WhatsApp and the virtual reality brand Oculus.
A company spokesperson said Facebook does not comment on rumor or speculation, in response to a question about the potential name change.
“Having a different parent brand will guard against having this negative association transferred into a new brand, or other brands that are in the portfolio,” said Shankha Basu, associate professor of marketing at University of Leeds.
Last month, Facebook appointed Andrew Bosworth, who heads up the social media company’s augmented reality and virtual reality efforts, including products like its Oculus Quest VR headset, as chief technology officer.
Facebook is reportedly pondering the rebrand against the backdrop of its worst PR crisis since the Cambridge Analytica scandal three years ago. A former employee, Frances Haugen, has leaked tens of thousands of documents and gave damning testimony to US senators this month in which she said Facebook put “astronomical profits before people”.
According to the Verge, VR is the driver of the mooted name change as the company focuses on building a “metaverse” as the cornerstone of a new growth strategy. The rebranding announcement could take place at the company’s annual product conference, Connect, on 28 October, when more details about the metaverse are set to be unveiled.