Facebook's CEO Mark Zuckerberg has introduced Meta as the new name replacing Facebook Inc., housing its brands, including Facebook, Instagram, WhatsApp, and Oculus.
Meta will be structured in 2 operating segments: Family of Apps and Reality Labs, with all the apps under the former while everything VR and AR under the latter. Meta is aiming to develop what it calls "the metaverse", while helping people connect, find communities, and grow businesses.
"The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company," reads the press release.