It is most commonly used in an informal manner to indicate a literary yet tongue-in-cheek awareness of oneself. English – Derived from Latin or Greek, the word meta in English has to do with self-awareness, transformation, and a quality of being self-referential.It has a few different meanings in different languages and is widely used across global vocabularies. In fact, most of the acquisitions the company made since 2019 – barring a handful like GIPHY, Packagd, and Chainspace – add to its AR/VR capabilities. It will lay more emphasis on its AR/VR line-up, including Reality Labs, Oculus, and the 2020-launched Project Aria. The name Meta also speaks to the fact that Facebook sees itself as “beyond” or “transcending” traditional social media. There’s sort of a higher-level brand identity goal and then there’s a more technical and functional goal.” Simply put, Facebook doesn’t quite have a product called the metaverse just yet, but it is heavily invested in the vision and has renamed the company accordingly.Īs Zuckerberg explained in conversation with The Verge, “We wanted to have a new brand identity that is directionally aligned with the future vision that we’re working towards. In other words, there cannot be two or more metaverses, and it must exist independent of the user being present in it.įacebook is acutely aware of this ideal and has strategically renamed the company as Meta to reflect the future, not its past businesses or current state of affairs. Yet, this does not lead to a true metaverse.Ī metaverse refers to a singular virtual space that’s persistent and offers real-time interactions to the user. Startups like Decentraland have been operating within a limited metaverse for a long time, and now Facebook has entered the arena with its bold rebranding and a renewed spate of AR/VR investments. There’ve been efforts to build it – Epic Games plans to invest $1 billion to build its own version of the metaverse, and Microsoft has already launched a metaverse tech stack for developers. The metaverse, as per this definition, doesn’t exist. It is envisioned as a self-contained world that offers an immersive experience to anyone who enters it. A metaverse is a virtual space where users can come together (as in social media) via AR, VR, and cryptocurrency. Meta, for Facebook, directly refers to the metaverse that the company hopes to build over the next 10-15 years. ![]() Taking off from this meaning, Facebook is looking at a concept called the metaverse, which would literally translate into “beyond the known universe” or a kind of a new reality. ![]() It is commonly used in academia to refer to the self-referential nature of art or a body of work. The English word meta is derived from its Greek counterpart, which acts as a prefix meaning beyond, transcending, or more comprehensive. It is entirely a forward-looking idea and underpins Facebook’s ambitious pivot towards new technology areas – i.e., augmented reality and virtual reality. However, the new name that will act as the parent brand for all of the company’s current and future products is not related to its existing offerings. One of the key reasons Mark Zuckerberg cited for the change was that there are simply too many brands and products under the Facebook umbrella, and this causes a certain “awkwardness.” This pivotal shift highlights how companies adapted to the evolving digital economy, forcing them to recalibrate their business strategy and build scale.Of all the things Facebook could rebrand as, why has the company selected meta? Ostensibly, the word meta (Greek for beyond or transcending) has little to do with the social media giant’s primary areas of business. Creators shifted towards Instagram and YouTube. What worked particularly well for Meta was a ban on the Chinese short video app TikTok in June 2020 due to national security issues. A lot of new product learning and incubation is done here, and ‘Reels’ is an example of that.this is the market where we have done the most amount of testing of new product features,” Manish Chopra, director and head of partnerships for Meta India, told PTI in October. “India is a very critical market for our platforms from multiple dimensions. Meta’s 161,400-crore-rupee Indian business has capitalized on this market. These include video streamers, influencers, bloggers, creators on OTT platforms, physical product creators, and essentially anyone building a community around their niche. ![]() India today has about 80 million online content creators. The rise in India’s content creator industryĪ decade ago, when content creation was not as popular, this list looked nothing like it is now, according to the newspaper.īoth the size and the character of the industry have changed since then.
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