Why has Facebook been renamed Meta and what is the metaverse?
ITV News Correspondent Geraint Vincent on whether this name changes anything for the embattled company
Facebook has changed its name to Meta in an overhaul of the social media giant as it looks to create a "metaverse".
The metaverse refers to new plans for shared online spaces where people can interact with each other.
But the rebrand also comes amid a string of controversies that have followed the company’s various ventures - particularly the main Facebook platform, Instagram and WhatsApp.
Earlier this month a former employee turned whistleblower claimed Facebook's products "harm children, stoke division and weaken our democracy" - all of which are claims the company has denied.
Business Editor Joel Hills on the significance of Facebook's name change to Meta
Announcing the rebranding, Facebook chief executive Mark Zuckerberg said the new direction would "encompass everything that we do to reflect who we are and what we hope to build."
"Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future," Mr Zuckerberg said.
"Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards."
"We just announced that we were making a fundamental change to our company. We’re now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms," he added.
"And as part of this, it is time for us to adopt a new company brand to encompass everything that we do to reflect who we are and what we hope to build."
“I am proud to announce that starting today, our company is now Meta.”
The social media boss announced the move in an online conference focused on the metaverse, a virtual 3D world he envisages for the future.
As part of the plan, the Oculus brand, used for the company’s virtual reality products, will be retired from next year.
Incoming chief technology officer Andrew Bosworth, who currently heads up AR and VR for the firm, said that starting in early 2022, Oculus Quest from Facebook will be changed to Meta Quest, while the Oculus App will become the Meta Quest App.
What is the metaverse?
The metaverse refers to new plans for shared online spaces where people can interact with each other.
It is a place which hopes to join the digital and physical worlds through technology.
The word itself comes from: "meta" (meaning "beyond") and "-verse" (from "universe").
Although there is no single, agreed definition of a metaverse, it often refers to an internet environment people can access and enjoy using virtual reality (VR) and augmented reality (AR) technology.
This could mean logging on to the internet and wearing virtual reality equipment to speak, meet, and play with other people online, all around the world.