You have surely heard the news or read the memes about Facebook rebranding as Meta. Some of you may be confused that rebranding Facebook as Meta is just a publicity stunt. But do you know the exact reason why Facebook rebranded as Meta? Don't worry; we are here to tell you in brief.
Facebook services are utilized by around three million people worldwide. It owns renowned and most used platforms like Instagram, Facebook, and WhatsApp. Mark Zukerberg, The CEO of the company, rebranded it on 28 October 2021. When he announced the change, it created a buzz worldwide.
Let us know How it Happened
At the company’s annual connect conference, Zuckerberg stated that “ Right now, our brands are so tightly linked to one product that it can’t possibly represent everything that we are doing today, it will leave us alone in the future. Over time, I hope we are seen as a metaverse company, and I want to anchor our work and identity on what we are building towards’’.
Keep in mind that Instagram, Facebook, and WhatsApp will be called by the same name only the company Facebook has turned to Meta. Even on the same day, the company has changed its logo in front of its office too.
What do you understand about Metaverse?
The word Meta is chosen because it echoes Metaverse. Now, what is Metaverse? It was first coined by the science fiction author Neal Stephenson in the year 1992 in his novel. The Metaverse is a shared online space that has three-dimensional graphics on the screen in virtual reality. Many companies are working towards it as it is said to be the future of the internet.
The Reasons Behind the Rebranding
According to some sources, the reason for taking this big step could be Facebook facing allegations for privacy and safety. Also, another reason could be the decrease in stock prices. It will pacify the investors. Changing its name to a term from science fiction also directs to universalizing the way of communication.
Zuckerberg, in a conference, said that “I think that in the next decade most people will be spending time in the 3D version of the internet”. Therefore, he is pushing his team to build technology that will appear as a hologram of yourself or the one who lives far from you.
It is also said that Facebook was slowly dipping into the negative stories of the release of its internal document by Whistleblower Frances Haugen, the leak of the consumers’ personal information. Above all, it was said that Instagram and Facebook have become toxic, especially for teenagers. Therefore it may be to distract from these issues.
Was it a good decision?
As the name has already changed, we have to accept it, be it good or bad. Eventually, all the social media platforms will be called by the same name, but now they will come under the umbrella of Meta. Moreover, Rebranding for a renowned company like Facebook will surely attract the younger generations and the new talents.
Brands that did this before
Many brands took the risk of rebranding their businesses. Several did this to stay away from negativity or to refresh their identities. Here we have a listed few of them-
Instagram is the most popular app among the young generation. The rebranding of the app was heard around the world. In May 2016, Instagram unveiled its new logo. Some of them loved it, some hated it, and even a few thought they had got some new app on their mobile phone.
But why did they do so? It is obvious that Instagram is way more than sharing a picture. Its sub-brands like reels, boomerang, layout, and memes had made it the most used app among the youths. Instagram fundamentally changed and wanted to reflect the change. Therefore the new logo was clean, flat, and more user-friendly. The rebranding was all about Instagram marketing.
Subway launched its logo in 2016, during the Olympics. Indeed, it was a move that reminded the consumers that they were more than “ the Subway guy.” The reason behind this rebrand was the arrest of Subway spokesperson Jared Fogle that led to a decline in sales of about 3.4 %.
The refreshed logo was a positive step in the consumer’s mind after the disturbing arrest. The new logo was much stronger at the first impression and more simplification that indicated the Subway- Digital.
Hutch - Vodafone
In 2007, Vodafone acquired Hutchinson, and overnight, everything transformed from the sim card packets to the sales executives the whole thing turned red. In every ad of Star India, “ Hutch is now Vodafone” was played for maximum recall among the audience and increased consumers.
In the presence of E-commerce websites like Amazon and Flipkart, the sales of Snapdeal dropped. To regain the position and stand out, Snapdeal changed its logo and corporate identity in 2016. The company also came up with the tagline “ Unbox Zindagi” to generate the brand’s awareness.
In the year 1998, Apple decided to go more simple. They changed its logo from rainbow colors to grey. Steve Jobs made these changes as soon as he became the CEO of the company. He also initiated the campaign to refresh the corporate identity. The campaign was named “ Think Different Campaign” Apple then created more apps and products that resemble its personality and created more consumers and recognition.
Be it the change of Facebook to Meta or any other renowned company. It rebrands for expansion and by predicting the future of the venture on a calculated risk. The company’s changes according to the consumer needs and to connect with more of them.
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