Facebook is reportedly planning to rebrand next week according to a source with direct knowledge of the matter.
The company will apparently change its name to reflect its focus on building the metaverse. CEO Mark Zuckerberg plans to talk about this name change at the company’s annual Connect conference that will be held on October 28th. The Verge however reports that it could be unveiled sooner.
Facebook has not issued any official statement on this, only saying it does not comment on “rumor or speculation.”
The rebrand according to The Verge would likely position the blue Facebook app as one of many products under a parent or holding company overseeing groups like Instagram, WhatsApp, Oculus, and more.
Back in July, Zuckerberg said Facebook’s future lies in ‘metaverse’, – an online world where people can use different devices to move and communicate using virtual technology.
“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,” the Facebook CEO said. “In many ways the metaverse is the ultimate expression of social technology.”
On Monday, the company also announced plans to create 10,000 jobs in the European Union over the next five years to help build the metaverse. This investment, the company said in a statement, is a vote of confidence in the strength of the European tech industry and the potential of European tech talent.
By creating a greater sense of “virtual presence”, Facebook says interacting online can become much closer to the experience of interacting in person. The metaverse, it says has the potential to help unlock access to new creative, social and economic opportunities.
Last month Facebook announced a $50 million investment in global research and program partners for the development of metaverse.