Facebook Inc is planning to rebrand itself with a new name next week.
According to the medium, Facebook Chief Executive Officer, Mark Zuckerberg will speak about the name change at the company’s annual Connect conference on October 28th. The new name may, however, be revealed before then.
The Verge continued that the rebranding would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more.
The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps.
Zuckerberg has been talking up metaverse since July when he said that the key to Facebook’s future lies with the metaverse concept – the idea that users will live, work and exercise inside a virtual universe. The company’s Oculus virtual reality headsets and service are an instrumental part of realizing that vision.
“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 at the time. “In many ways, the metaverse is the ultimate expression of social technology.”
The Verge report said a possible name for the company could have something to do with Horizon as Facebook recently renamed its in-development VR gaming platform named ‘Horizon’’ to “Horizon Worlds”.