In the last year, Facebook has rebranded itself and changed its name to ‘Meta.’ In recent times, Facebook has played a crucial role in implementing the marketing strategies of business companies and brands. Facebook Marketing Services deal with the business pages run on the platform. The companies blend the organic and paid social media marketing activities to boost the brand visibility, fan base, customer engagement, and conversions.
Social media giant Facebook has changed its name to ‘Meta’ to focus on the company’s new objective of developing the “metaverse.” The core intent behind rebranding has been to move away from social media and create the Metaverse, which would be the internet’s next generation. As the CEO Mark Zuckerberg has said, “from now on, we’re going to be metaverse first, not Facebook first.” In social media marketing, Facebook plays an integral role by helping the business brands, and companies strengthen their marketing strategies and enhance sales and revenue.
The article will discuss various aspects associated with Facebook rebranding.
According to the founder and CEO of Facebook, one day, individuals will recognize Facebook as a Metaverse more than a mere social media platform. He has described Metaverse as the next generation of the internet, which will encourage people to be present by each other’s side in the digital space. Individuals can hang out, play games, work, and do more being on the platform. Users can do everything they are doing today on the internet, and, in addition, they can do the things no one can think of doing on the internet.
Why is Facebook doing this?
The ostentatious announcement has temporarily distracted the users from the fake news circulated on Facebook. For years, the Social Media Marketing Company platform has been accused of encouraging the spread of misinformation. Facebook was also on target for its vague policies regarding user information. In the last few months, the matter has worsened after an informer started disclosing many organizations’ secrets.
Simultaneously, the social platform is making negative impressions on young users. Most users prefer using the China-based video app TikTok instead of spending time on Facebook. The social media platform monetizes by selling ads to marketers, but it will have adverse effects if the user numbers dwindle.
By rebranding itself as Meta, Facebook aims to persist beyond the current young social media companies and its bad reputation. According to the rule of Metaverse, no one company will own or operate the universe, but Facebook can do it to create a leading position in the space by making the first push.
Interactive virtual games like Minecraft and Roblox already exist and have been thriving for a long time to make permanent room in the Metaverse. In this context, Facebook designed its virtual reality device maker Oculus in 2014 and recently announced its plan to invest a significant amount in the metaverse initiative to move forward beyond the controversies, building its arsenal of augmented and virtual reality services and tools.
Which Projects Are On the Mission?
FRL (Facebook Reality Labs) covers everything associated with Oculus, Facebook’s Virtual Reality (VR) hardware; Horizon World is played using the Oculus VR headset and handheld controllers.
In Horizon World, gamers initiate start games in their own designed worlds. In August 2021, Facebook launched a beta version of Horizon workrooms, a professional version of the application. The app allows the Oculus users to congregate in the customizable virtual conference rooms where their icon versions can talk and do projects together on the digital whiteboards. Colleagues without access to the headset can join them via video call. Soon, Horizontal Homes will provide the users with a digital home space where they can store their online goods, meet the icons of their friends, and commute to other worlds.
How Will Meta Make Money?
The projects will only push the plan, but is it possible to generate revenue with Meta?
The preliminary plan of the founder is to sell merchandise.
He can foresee Facebook creating a big-scale digital economy that will open up within the Metaverse. Commerce will be a big part of the Metaverse, allowing people to see both physical and digital products. Before the business model becomes feasible, the company must attract millions of users to reach the goal.
If Facebook wants to stick to the game, this is the right time to shift its position from its dependence on ads. It poses some significant challenges to move into an unknown space, and the founder of Facebook has said it will need at least 12 drastic technological advancements. There are possibilities that even after that, it can fall on its face. Still, the movement is on. Once the project becomes successful, it will be an experiment of such a colossal level, happening in the digital space.