Facebook Transitioning to ‘Meta’ – What Does It Mean For Your Practice?

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A big headline in the news lately has been Facebook switching to Meta. This new name is indicative of what founder and CEO Mark Zuckerberg states is the company’s core ambition: to build the metaverse.1 A new brand, distanced from Facebook, ran under the same company.

What does a transition from Facebook to Meta really mean?

Essentially Facebook is trying to change its brand as we know it, from a social networking platform to a leading network for virtual and augmented reality. An all-encompassing “virtual universe” so to speak. Users will roam freely as avatars, attending virtual business meetings, shopping in virtual stores, and socializing at virtual get-togethers.

This isn’t the first time a major tech company has changed its name. In 2015, Google attempted an overhaul of its company structure, creating a parent company known as Alphabet2

While this generated a lot of buzz at the time, most people still call anything having to do with the company or its subsidiaries “Google,” with seemingly no pushback from the company itself. After almost two decades of building its brand to get to where they are today in total users, Facebook can probably expect the same treatment.

Google quietly remains a subsidiary of Alphabet today, Alphabet, Google’s parent company, is a tech giant with a $1.4 trillion market cap, making it the 5th most valuable company by market cap in the world. 2

How will Facebook’s transition to Meta affect your Audiology and Hearing Care Business? It won’t. At least not for a while.

Any transition to virtual reality would take enormous investment and many years.

With roughly 2.91 billion monthly active users as of the third quarter of 2021, Facebook is the biggest social network worldwide.³ 𝗔𝗺𝗼𝗻𝗴 𝗔𝗺𝗲𝗿𝗶𝗰𝗮𝗻𝘀 𝟲𝟱 𝗮𝗻𝗱 𝗼𝗹𝗱𝗲𝗿, 𝟰𝟲% 𝘂𝘀𝗲 𝗙𝗮𝗰𝗲𝗯𝗼𝗼𝗸.³
While the change in Facebook’s name clearly indicates the company’s intention to evolve and expand in a new direction, 𝘁𝗵𝗮𝘁 𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗶𝘀 𝗻𝗼𝘁 𝗴𝗼𝗶𝗻𝗴 𝘁𝗼 𝗵𝗮𝗽𝗽𝗲𝗻 𝗼𝘃𝗲𝗿𝗻𝗶𝗴𝗵𝘁.
Zuckerberg said in his keynote that 𝘁𝗵𝗲 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝘁𝗼 𝗯𝗲𝗰𝗼𝗺𝗲 𝗮 𝗺𝗲𝘁𝗮𝘃𝗲𝗿𝘀𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝘄𝗼𝘂𝗹𝗱 𝘁𝗮𝗸𝗲 𝗮 “𝗱𝗲𝗰𝗮𝗱𝗲” and that his goal was for it to “reach a billion people” over that time.

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Virtually all of Facebook’s revenue — $29 billion in the third quarter — comes from online advertising produced by the core blue Facebook app.⁴ 𝗔𝗻𝘆 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝘁𝗼 𝘃𝗶𝗿𝘁𝘂𝗮𝗹 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝘄𝗼𝘂𝗹𝗱 𝘁𝗮𝗸𝗲 𝗲𝗻𝗼𝗿𝗺𝗼𝘂𝘀 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝗺𝗮𝗻𝘆 𝘆𝗲𝗮𝗿𝘀.
In summary, for now, Facebook marketing remains the same. Digital Marketing is ever-evolving, and there will always be new ways to adjust your current marketing to stay relevant. It’s important to stay up to date with changes in major marketing platforms such as Facebook and 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝗵𝗼𝘄 𝘁𝗵𝗲𝘀𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝘄𝗶𝗹𝗹 𝗮𝗳𝗳𝗲𝗰𝘁 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀.
For some busy practice owners, this can be easier said than done. If you’re interested in learning more about our full-service digital management program 𝗿𝗲𝗾𝘂𝗲𝘀𝘁 𝗮 𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻 𝘁𝗼𝗱𝗮𝘆!

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Sources: 1.https://deadline.com/2021/10/facebook-earnings-mark-zuckeberg-whistleblower-apple-1234862038 2.https://www.businessinsider.com/google-new-operating-structure-2015-8 3.https://www.pewresearch.org/internet/fact-sheet/social-media/4.https://www.washingtonpost.com/technology/2021/10/28/facebook-meta-name-change/