Facebook is planning to give itself a new name next week to reflect its major focus on building the metaverse, The Verge reported on Tuesday, October 19.
The social media giant has been discussing its intent to create a metaverse — a shared virtual world accessible through the internet and other technologies — since it acquired virtual reality headset maker Oculus back in 2014.
In July this year, CEO Mark Zuckerberg told The Verge that the metaverse is “going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet.”
“And I think it’s going to be the next big chapter for our company too, really doubling down in this area,” he added.
The source knowledgeable of the company’s upcoming name change told the outlet that Zuckerberg is planning to discuss the matter during Facebook’s annual Connect conference on October 28. However, the new name could also unveil sooner.
It was also said that it might be related to Facebook’s unreleased 3D virtual play space named “Horizon Worlds.”
As CNET notes, news of the planned rebranding comes a day after Facebook published a blog post stating that it will be hiring around 10,000 people from Europe to fill highly skilled roles working on Horizon Worlds in the next five years.
Facebook’s rebranding also follows the strategies of other tech companies like Google, which reorganized under Alphabet in 2015, to signal its expansion into driverless cars and health tech. Same goes for Snapchat, which rebranded itself as a “camera company” under the name Snap Inc. in 2016.