A large standing signboard displaying the new Meta logo appeared in front of Facebook's Menlo Park headquarters. [Image source=AP Yonhap News]
[Asia Economy New York=Correspondent Baek Jong-min] Social networking company Facebook is changing its name to 'Meta.' This move is interpreted as an effort to improve its tarnished image following insider leaks and to take the lead in the metaverse market.
Mark Zuckerberg, Chief Executive Officer (CEO), explained the new name and its background in a founder's letter on the 28th (local time).
He stated, "We are now starting the next chapter of the internet, which is also the next chapter for the company," and predicted, "The metaverse will be an internet implemented within experiences, not just something to look at, and it will influence every product we create."
This is the first time Zuckerberg has released a founder's letter since 2017. At that time, Zuckerberg declared that Facebook would embark on building a social infrastructure connecting the world as a global community.
Seemingly aware of recent insider leak controversies, Zuckerberg clarified, "As I stated in my first founder's letter, we do not provide services to make money, but rather make money to create better services."
Facebook CEO Mark Zuckerberg is explaining the new mission, Meta. [Image source=Reuters Yonhap News]
He expressed expectations that within the next ten years, the metaverse will secure one billion users, facilitate commerce worth hundreds of billions of dollars, and create millions of jobs.
The term metaverse is a compound of the Greek word 'Meta,' meaning 'beyond, transcending,' and 'Universe,' meaning 'world or cosmos,' referring to a world where virtual and reality interact to create new value.
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