Report: Facebook could rebrand to position itself as a 'metaverse company'

Facebook intends to rebrand in the coming weeks to reinvent itself as a "metaverse company."

According to a report from The Verge, which spoke to a source with "direct knowledge of the matter," Facebook could announce the name change at its annual Connect conference on October 28 -- although there's every possibility it will be made official before then.

Best known for its social media operations, Facebook also owns VR company Oculus and has been making inroads into the world of game streaming via its Facebook Gaming division.

The Facebook app likely won't be affected by the name change, but would sit alongside other subsidiaries like Instagram, WhatsApp, and Oculus under a rebranded parent company.

In July this year, Facebook CEO and founder Mark Zuckerberg told The Verge he wanted to transition the business from "primarily being a social media company to being a metaverse company," and outlined his belief that the metaverse is "going to be a big part" of how the internet evolves.

Facebook isn't the only tech company keen to position itself as the overlord of the metaverse. Fortnite maker Epic Games has also expressed an interest in shaping that most nebulous of digital spaces, and earlier this year secured a $1 billion investment to support its own "long-term vision for the metaverse."