Facebook Inc. rebranding as Meta PlatformsIn October 2021, Facebook Inc. changed its name to Meta Platforms, for which founder Mark Zuckerberg remains the CEO. The company aims to move away from being so closely tied to Facebook as a social media platform, as it progresses towards implementation of the metaverse, the purported next iteration of the internet as we know it. Fortunately for Facebook, as of January 2022, it was considered to be the brand that adults in the United States most associated with the metaverse.
Facebook as a social media giantAlthough Facebook has encountered much criticism, it nevertheless remains successful. Today, Facebook is still the most popular social network worldwide, followed by Google’s video sharing platform YouTube, WhatsApp and Instagram, respectively. It is by far Meta’s most used social media platform. As of the fourth quarter of 2021, Facebook had a total of 2.91 billion monthly active users globally. India is the country with the largest Facebook audience size, with over 329 million Facebook users, followed by the United States and Indonesia. As of the beginning of 2022, almost a fifth of Facebook’s users were men between the ages of 25 and 34 years old, making them the platforms most common users.
Company revenueIn 2021, Meta generated 117.92 billion U.S. dollars in revenue, up by over 31 billion US dollars on the previous year. The company’s business model heavily relies on advertising and generated 114.93 billion U.S. dollars through ads in the last financial year. The company’s average revenue per user (ARPU) in 2021 was 40.96 U.S. dollars, up from 32.03 U.S. dollars in 2020. Meta’s Family of Apps accounted for the vast majority of the company’s financial success.
Despite Facebook’s popularity and success, it is still tarnished from negative press. A fair number of people still have unfavorable views of Facebook and Mark Zuckerberg and are skeptical of Meta’s recent branding move.