According to the startup, “Meta’s focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses.” The name change, according to a top company executive, was “overall successful.”
When it was dealing with a highly contentious news item, Meta changed its name. Facebook became Meta three weeks after the report first surfaced.
He informed the staff that he believed it to have been effective because the name change received more media attention than the Facebook Papers. Cox allegedly told staff members, “It was more than double the volume of the Facebook Papers coverage,” during a conference call. Cox added that the coverage was more balanced and favourable overall. The coverage, he continued, was similarly “neutral to positive in tone.”
In addition, he said, “That’s the kind of thing we could only have dreamed of when we did the change in terms of press coverage.”
However, there hasn’t been anything close to a Metaverse success story. The section of Meta called Reality Labs, which is in charge of the met averse, has been losing money left, right, and centre. Recent quarterly reports for the corporation show that the division lost more than $4 billion in the preceding quarter. The Metaverse division of Meta has lost close to $21 billion over the last 18 months.