The American technology blog, the Verge, has reported on Tuesday that Social media giant Facebook Inc is planning to rebrand itself with a new name next week, citing a source with direct knowledge of the matter.
Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference on October 28, but it could be unveiled sooner, the Verge reported.
In response, Facebook said it does not comment on “rumour or speculation”.
The news comes at a time when the company is facing increasing government scrutiny in the United States over its business practices.
Legislators from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.
‘A metaverse company’
The rebranding would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the Verge report added.
It is not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.
Google established Alphabet Inc as a holding company in 2015 to expand beyond its search and advertising businesses, to oversee various other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.
The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps. On Tuesday, the company announced plans to create 10,000 jobs in the European Union over the next five years to help build the metaverse.
Zuckerberg has been talking up metaverse since July when he said that the key to Facebook’s future lies with the metaverse concept – the idea that users will live, work and exercise inside a virtual universe. The company’s Oculus virtual reality headsets and service are an instrumental part of realizing that vision.
“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said at the time. “In many ways, the metaverse is the ultimate expression of social technology.”
The buzzy word, first coined in a dystopian novel three decades earlier, has been referenced by other tech firms such as Microsoft.
The Verge report said a possible name for the company could have something to do with Horizon. Recently, Facebook renamed its in-development VR gaming platform named ‘Horizon’’to “Horizon Worlds”.