On 28th October, 2021, Facebook has been renamed Meta Platform Inc. laying out their vision for the so-called metaverse, the immersive virtual environment. Already over 10000 people work on AR-VR projects, and it plans to hire another 10000 in Europe soon. In a metaverse, people can play virtual games, attend virtual concerts, shop for virtual products with virtual versions of each other. Facebook stakes its futures on metaverse before it gets fully developed. It will be a successor to the mobile internet.

As the audience of Facebook is ageing, and the younger audience is diverting to TikTok and Snapchat, Facebook would like the young people to strap on their Oculus headset and hang out in Horizon, the VR app of Facebook.

Facebook is dependent on the operating systems such as iOS and Android. Facebook is not the sole master of its destiny. A metaverse could set it free from the operating systems of Apple and Google.

There is increased regulatory pressure on Facebook. There are anti-trust lobbies. However, areas such as VR and AR are less likely to be regulated soon.

Facebook has lost its reputation on account of wrong moves over a period of time. Metaverse would put it in an advantageous position over its rivals. Facebook will tread on new ground.

Facebook represents by rechristening a paradigm shift for the company and for social media itself. It ushers in a new era of social media. Internet will be furnished in 3D for the user with the help of VR and AR. You can be inside the environment to play, shop, meet and work. It will make social media experience more immersive.

Facebook is distancing itself from the profit chasing controversies it has followed, eroding at times democracy. It could be considered a diversionary technique. It is to be seen how the company uses the data profile of its users in future. Whether Meta takes a different route is to be seen.

The delivery in future will not depend on mobile phones alone. There could be different AR/VR gadgets to deliver the content.