Social media giant Facebook is planning to rebrand the company with a new name that focuses on the metaverse -- a term that many of us have little idea about.

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According to industry experts, building the brand's resonance will involve creating more awareness around Facebook, with an intent to forge a positive association with target end-users, at a time when the social network is facing several regulatory hurdles over users' data privacy and security globally.

 

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There would be no change in the branding of Facebook's original app and service.

However, it is likely to be placed under a parent company whose portfolio will include other brands with millions of consumers such as Instagram and WhatsApp.

Google already maintains a similar work flow by making Alphabet its parent company and Snapchat has Snap Inc as its parent.

"As companies evolve beyond their original mission, and respond to new market and tech realities, for instance, the Metaverse, they seek to rebuild their brand equity with their current and potential future user base.

"Among other things, such a rebranding helps such companies to potentially claim the leadership mantle in these emerging disruptive technologies," Prabhu Ram, Head, Industry Intelligence Group, CMR, told IANS.

Facebook CEO Mark Zuckerberg is expected to announce the new branding at the company's Connect conference on October 28.

"I think with the focus on Metaverse, Facebook wants to completely reposition itself and go beyond simple social networking. To show that substantial jump, rebranding is one way to get that across users and other ecosystems," said techarc Founder and Chief Analyst, Faisal Kawoosa.

The new name for the company is a closely-guarded secret and even the full senior leadership isn't aware of it.

There's a possibility that the new name may also have something to do with the word "Horizon".

Meanwhile, people on Twitter had plenty of suggestions.

"Name it Hooli or dissolve the company," a user said in a tweet.

"It would be awesome if Facebook changes its name to Ye," said another user.

"We have received your request to change your name. However, due to our real names policy, you will first need to fax us a copy of your court order and new driver's license," another user posted on social media.

Facebook in September announced that it will invest $50 million to partner with the organisation to responsibly build the Metaverse - a new phase of interconnected virtual experiences using technologies like virtual and augmented reality (VR/AR).

The Metaverse is a set of virtual spaces where one can create and explore with other people who aren't in the same physical space.

The social network has also announced plans to hire 10,000 people to help it build the Metaverse.

According to the company, the next computing platform has the potential to help unlock access to new creative, social and economic opportunities.