With Facebook Becoming Meta, Chief Marketing Officer Alex Schultz Says ‘We’re Not Running From Anything’
Facebook employees unveil a new logo and the name “Meta” on the sign in front of Facebook—sorry, Meta!—headquarters on October 28 in Menlo Park, California.
To go along with the Meta rollout, the company created a high-production presentation to give people a glimpse of everything that the company is building for the Metaverse—a term derived from the 1992 hit sci-fi novelthat lately has become somewhat of a catch-all term for everything from VR and augmented reality to NFTs and cryptocurrency.
Facebook isn’t the first company to rebrand during a time of crisis. Two decades ago, British Petroleum famously rebranded itself as BP as the company attempted to pivot more into renewable energies despite revenues still leaning heavily on the product it was named after. And in 2003, Tobacco giant Phillip Morris changed its name to Altria as evidence mounted for the harms caused by cigarettes.
So why not wait until the headlines die down? Schultz said going forward with the announcement amid all the controversy makes it “very clear” that the company isn’t trying to use the Meta news as a distraction. He added that the Facebook Connect was already planned and the company didn’t want to reschedule it.
The new name also helps to differentiate various existing platforms, Schultz said, explaining that saying “Instagram by Facebook” is a lot more confusing than saying it’s by some other entity. The goal is also to take Facebook Reality Labs—which the company’s VR efforts have fit until now—and more closely associate it with the parent company.
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