Social media giant Facebook is planning to rebrand the company with a new name to focus on building the metaverse.
According to a report by The Verge, CEO Mark Zuckerberg will unveil its new name soon, most likely at the annual Connect conference on October 28. But while the name would change, the original Facebook app and service may stay the same.
Zuckerberg, who co-founded the social network in 2004, says the key to Facebook’s future lies with the metaverse concept and he envision Facebook to become more than a social media tool.
In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside.
“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said. “In many ways the metaverse is the ultimate expression of social technology.”
Facebook announced Sunday that it plans to recruit 10,000 jobs in Europe for the next five years to help build this metaverse.
The news comes at a time when the company is facing increasing government scrutiny in the United States over its business practices.
That said, it is not uncommon in Silicon Valley for companies to change their names as they bid to expand their services. Google established Alphabet Inc as a holding company in 2015 to expand beyond its search and advertising businesses.
In response, Facebook said it does not comment on “rumour or speculation”.
