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Facebook is now Meta: New vision, new goals and a new name.

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On Thursday, October 28th Facebook Inc’s CEO Mark Zuckerberg announced Meta which will be the parent company to Facebook, Instagram, WhatsApp, Oculus and other brands which were previously under the brand Facebook Inc. 

Meta Platforms Inc or Meta is the company’s way of saying it is no longer just a social media company but a company that is innovating in ways people communicate,  a company that is focused on building a metaverse. 

Meta Work

Also Read|The Facebook rebranding, what it really means for the company moving forward.

It is to be noted that the blue Facebook app is not the one to be renamed but Facebook Inc the company is now Meta Platforms inc. 

This vision of metaverse of the visionary company is about building a hybrid between the internet and real world, rather than just the 2D screens Internet will be built to expand in 3D in the real world using AR and VR technologies. This idea has no limits with how creative people can get considering technologically feasible. 

At the Connect 2021, the social technology company announced it will be investing a total of $150 million into training the next generation of creators to work with the AR, VR and the Metaverse. 

This new vision and new efforts are gaining to be implemented without changing any parts of the corporate structure of Facebook Inc. However the company will be reporting its financials on two separate operating segments: Family of Apps and Reality Labs. 

The company also announced that starting December 1 complementing the new name the stock ticker will be changed from FB to MVRS. 

The company had already began working on various lines of hardware to build the technologies required to build the metaverse. Through the likes of Oculus the company already has multiple VR headsets out in the public and also launching the Ray-Ban Stories glasses and a line of portable video-calling devices. 

Meta Gaming

“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter. 

Mark Zuckerberg and Facebook have made the move to tell the world augmented reality and virtual reality will be a key part in the business of the company moving forward with the new name.

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Instagram

Instagram Reels will now have ads

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Instagram last year added a new TikTok like feature that the company called Reels that allowed users to post short vertical videos. 

Instagram is all in for making Reels the biggest short video platform and has been adding various new features to the platform. The social media platform is also giving creators various reasons to prefer Instagram Reels over other similar video-sharing platforms.

The Facebook-owned company recently announced that it would pay creators for making and uploading to its Reels platform making it a much better platform for creators compared to others that have no such system.

Instagram Ads in Reels

Instagram will now include advertisements in its Reels. These adverts will be in a similar vertical, full-screen, short video format.

The social media app has been testing adverts in a few countries including India, Germany, and Australia. These ads will be visible wherever users can view reels, in the Reels tab, in stories, and in the user’s feed.

Instagram Reels Ads

Users can interact with these ads by liking, commenting, sharing, or saving them, these ads can be skipped.

Businesses can also add a call to action button for Shopping or various other purposes.

Digital advertising is Facebook Inc’s primary source of revenue and it isn’t surprising to see the company put adverts on multiple locations in its various social sharing platforms.