Facebook name change, perfect timing?

It’s been an interesting couple of weeks following the announcement from Facebook CEO Mark Zuckerberg that the company has changed its corporate name to Meta. It is no secret that over recent years the company has been involved in huge controversies regarding privacy allegations. I think its no coincidence that this name change has occurred during a controversial period for Facebook and feel this change of name is a way for the Facebook platform to distance itself from the other social media platforms that operate under the company’s name.

This move has been communicated to the public as a focus more on the new digital world which is known as the “metaverse”. It seems that Facebook is betting on the next wave of computing and demonstrated this new virtual universe through new ways that people can attend business meetings virtually and socialize for example. I also found it very interesting to hear Zuckerberg talk about the company being tightly linked to only one of its products and how this has been holding the business back from representing other activities, I feel this situation is also applicable to many other businesses particularly on a smaller scale. How many businesses rely so heavily on the one product or service that it prevents them exploring new product or services that would be of value to their customers. There must be a balance between focusing heavily on a product to ensure success but a willingness to designate time to other activities that can add value to the business. I find myself in a similar situation with my current role with Kevin Sprecher Golf. The business has built up one of the most reputable coaching and club fitting brands in the USA which has allowed the company to achieve consistent success within this industry, however I am trying to add an element of exploration into the business through which coaching remains the focus, but some time is designated to investigating new ways of creating value for stakeholders.

There was most definitely a humbleness in Marks tone when discussing the change, but it would be naïve not to think that this was nothing more than a PR move to get many critics back onside. He displayed a willingness to learn from their mistakes in the past and according to multiple articles had emphasized in a blog that privacy and safety play a key role in the new generation of products that Meta will produce. Although I felt the change in name was a tactic to divert negative attention, I am fascinated by the level of investment that Facebook are willing to put in their new concept as they committed to hiring over 10,000 new staff whilst admitting that profits for 2021 will be reduced by $10 million to fund the change. Very interesting…

The main takeaway for me however was to see the company continue to invest in the next big thing. The company has always spotted and successfully predicted where the attention is shifting towards next hence their purchase of Instagram and WhatsApp, and I feel this ability to place a bet on what the next big thing is, allows them to stay ahead of competition. The fear of turning into another Myspace or social media platform that fails to see the next wave is I’m sure a huge driving force for Facebooks proactive approach. I feel this opportunity was one that both benefitted the company in the short term to reduce the negative publicity but also believe Mark Zuckerberg when he talks about betting on the next wave of the virtual universe. Excited to see the new products that Meta can produce over the coming years as I am sure they will revolutionize how we connect with each other. ​Let me know what you think about the change and what you feel the shift towards Meta will look like within the next ten years.

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