Why is the social media giant Facebook rebranding itself?
According to Reuters, Facebook plans to rebrand itself as Metaverse. Is this an aftermath act to contain its reputation after the recent leaks and mishaps?
By now, everyone would have be acquainted by the news of Facebook planning to rebrand itself and subsequently, change its name. As per the sources, the company has not decided upon a name however, would disclose the same after its next conference.
Reason for Rebranding
The potential reason for rebranding the social media giant comes in the wake of its threat to reputation which has been on the rise post 2016 U.S election and has not recovered since. To add up to this, other scandals such as Cambridge Analystica breach, the Congressional inquiry has only added fuel to hamper its reputation.
Even though, the company’s business has expanded by the virtue of acquiring Instagram and Whatsapp, the damage done by these mishaps has led to a steady decline in Facebook’s reputation and trust from its end users and political allies. One could also say that there has been signs that suggest the younger generation do not find the platform useful anymore and a keep them hooked, Facebook would be required to revamp itself.
Another reason, the umbrella of Facebook is not just the Facebook app itself but what the company does beyond. After the acquisition of Instagram, the Facebook app has seen a decline with its young users shifting towards a more hippie and youthful platform. The younger generation or as they are called the ‘gen-z’ just do not find the platform cool enough.
The metaverse is going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet. -Zuckerberg told The Verge’s Casey Newton this summer.
Metaverse would translate to mean a platform that is beyond the universe, in its literal sense. Facebook Inc. would transform to accommodate its end users to hang out with peers who are not within the same physical space.
As according to Facebook’s own definition, once created, users would be able to hang out with peers, work, learn shop and more- to have a more fruitful online experience.
The journey of Metaverse first began when Facebook bought VR tech company Oculus in 2014.The metaverse, would also not be built overnight, rather the company aims to do so responsibly.
Facebook has been under global scrutiny since the past couple of years. The move to venture into a new sphere all together does not come as a surprise for the umbrella corporation of Facebook. What is interesting to know, is how and when does the new vamped version of Metaverse would be brought in by the company and would that enable the company to get to where it wants to?
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