What is Meta Platforms?

Table of Contents

 

1. What is Meta Platforms?

Meta Platforms, formerly known as Facebook Inc, is a multinational technology company located in California. It was founded by CEO Mark Zuckerberg in 2004. At the end of 2021, the company underwent a significant rebranding, with a greater focus on the metaverse and virtual reality (VR).

All social networks, including Facebook, Messenger, Instagram, and WhatsApp, now fall under the umbrella term of Meta’s Family of Apps (FoA). Additionally, Reality Labs is Meta’s VR and AR division, focusing on all aspects of the company’s research and development in this area.

The company’s vision is to help bring the metaverse to life, so they changed their name to reflect their commitment to this future. The metaverse is seen as the next evolution of social connection, offering 3D spaces that will let you socialize, learn, collaborate, and play in ways that go beyond what we can currently imagine.

 

 

2.  Meta Platforms Key products and services

Meta Platforms offers a wide variety of products and services. Here are some of the key ones:

1. Facebook (including the Facebook mobile app and in-app browser)
2. Messenger
3. Instagram (including apps like Threads and Boomerang)
4. Meta Portal-branded devices
5. Meta Platforms Technologies Products such as Meta Horizon Worlds or Meta Quest (when using a Facebook or Meta account)
6. Shops
7. Meta Spark
8. Meta Audience Network
9. NPE Team apps
10. Meta Business Tools

These products and services are part of Meta’s vision to bring the metaverse to life. The company is continuously innovating and developing new technologies to enhance these offerings.

 

 

3. Meta Platforms Competitors

Meta Platforms has several competitors in the technology and social media industry. Some of the main competitors include:

1. Alibaba Group (BABA): A multinational conglomerate specializing in e-commerce, technology, and various other sectors.
2. Uber Technologies (UBER): Known for its ride-hailing service, Uber also ventures into various other sectors like food delivery with Uber Eats.
3. Booking (BKNG): A travel fare aggregator and travel metasearch for lodging reservations.
4. Airbnb (ABNB): An online marketplace for lodging, primarily homestays for vacation rentals, and tourism activities.
5. MercadoLibre (MELI): An Argentine company incorporated in the United States that operates online marketplaces dedicated to e-commerce and online auctions.
6. Atlassian (TEAM): An enterprise software company that develops products for software developers, project managers, and content management.
7. JD.com (JD): A Chinese e-commerce company.
8. VeriSign (VRSN): An American company that operates a diverse array of network infrastructure, including two of the Internet’s thirteen root nameservers.
9. Zoom Video Communications (ZM): A communications technology company that provides videotelephony and online chat services.
10. Tencent Music Entertainment Group (TME): A company that develops music streaming services for the Chinese market.

These companies compete with Meta Platforms in various aspects of technology, social media, e-commerce, and more.

 

 

4. History of Meta Platforms

Meta Platforms, Inc., formerly known as Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California.

The company was founded by Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes on January 4, 2004. Initially, it was known as TheFacebook, Inc. and later renamed to Facebook, Inc. in 2005.

Over the years, the company expanded its portfolio by acquiring and developing various products and services. Today, it owns and operates Facebook, Instagram, Threads, and WhatsApp, among other products and services.

Despite endeavors into hardware, the company still relies on advertising for a vast majority of its revenue, which in 2022 made up 97.5 percent of its revenue.

On October 28, 2021, the parent company of Facebook changed its name from Facebook, Inc., to Meta Platforms, Inc., to "reflect its focus on building the metaverse". According to Meta, the term “metaverse” refers to the integrated environment that links all of the company’s products and services.

Today, Meta Platforms is considered one of the Big Five American information technology companies, alongside Google’s parent company Alphabet, Amazon, Apple, and Microsoft.

 

 

5. The CEO of Meta Platforms

The CEO of Meta Platforms is Mark Zuckerberg. He co-founded the social media service Facebook and its parent company Meta Platforms (formerly Facebook, Inc.), of which he is also the executive chairman and controlling shareholder. He is responsible for setting the overall direction and product strategy for the company.

 

 

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