Facebook in Freefall

Facebook has been the social media giant for over a decade. It has created a new revolution in the social media industry. It quickly was able to rule all other social media platforms like Orkut, myspace etc. out of the industry. It is no exaggeration to say that facebook might be the first social media platform ever to reach such huge masses and influence so many people around the world. It offered a wide array of facilities/features to users where they can share their pictures, statuses, chat with each other and a lot more. It also was a gift for various small scale businesses to advertise and increase their reach amongst the masses.

In this journey, it acquired/created quite a number of platforms like WhatsApp, Instagram, Beluga, Onavo, Oculus VR, Giphy and a lot more. It quickly expanded its influential area and provided various services to people all round the world. It was nothing short of phenomenal. It was nipping at the heels of Big Tech Juggernauts like Alphabet Inc. and Microsoft Corp. But, the recent rebranding and the infamous name-change seem to have adversely affected the company.

To gain an operational advantage in the upcoming era of technology, the metaverse, Zuckerberg tried to play it smart by rebranding the company name to 'Meta'. The decline of the company seemed to have started with this. Zuckerberg changed the name of his company to reflect his aggressive goals for establishing a new computing platform that incorporates virtual, augmented and mixed reality, dubbing it the "metaverse." His goal was to use the massive profit and revenue tossed off by social networks Facebook and Instagram to get to the next generation of computing before rival Apple Inc. But, the rebranding and restructural seemed to have a contradictory effect on the massive profits generated by its core social media business.