Facebook plans to change its name next week, in order to reflect its focus on "building the metaverse," The Verge reported on Tuesday, citing a source.
According to the report, CEO Mark Zuckerberg is expected to discuss the purported name change at the company's annual Connect conference on October 28.
Though the outlet did not specify the company's new name, it is reportedly designed to signify the tech giant's aim of being known for more than just social media and all of its associated assets.
Per the report, the makeover would most likely present the blue Facebook app as one of many products managed by a parent business that also oversees Instagram, WhatsApp, Oculus, and other companies.
However, the outlet alleged that Horizon, the name of the still-unreleased VR product that the business has been creating for the past few years, might be the future brand.
Shortly after Facebook demonstrated a version for workplace collaboration dubbed Horizon Workrooms last month, the app's name was changed to Horizon Worlds.
Currently, the tech giant has several thousand workers developing consumer devices such as augmented reality glasses, which the firm's top management reportedly expects will become as common as smartphones.
The Verge noted that in an interview with Zuckerberg this summer, the company's founder noted that the "metaverse" was “going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet."
“And I think it’s going to be the next big chapter for our company too, really doubling down in this area,” he said.
Over the weekend, the company announced that it is planning to create 10,000 jobs in the EU over the next five years to help establish the "metaverse."
Well, if true, Facebook is not the first well-known technology business to alter its name as its goals grow. For instance, Google reorganized altogether under the Alphabet holding company in 2015, presenting itself as a global conglomerate with subsidiaries developing self-driving cars and healthcare technology.