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Meta Platforms, Inc. (TheFacebook, Inc.)

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

Categories

Technology  

#9

Rank

$456.62B

MarketCap US

US United States

Country

Summary

Meta Platforms, Inc., is doing business as Meta. It was formerly named Facebook, Inc., and TheFacebook, Inc.

Meta is an American multinational technology conglomerate based in Menlo Park, California. The company owns Facebook, Instagram, and WhatsApp, among other products and services. Meta is considered one of the Big Five American information technology companies, alongside Alphabet, Amazon, Apple, and Microsoft.

Meta's products and services include Facebook, Messenger, Facebook Watch, and Meta Portal. It has also acquired Oculus, Giphy, Mapillary, Kustomer, Presize and has a 9.99% stake in Jio Platforms. In 2021, the company generated 97.5% of its revenue from the sale of advertising.

In October 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 "metaverse" refers to the integrated environment that links all of the company's products and services.


History

In 2004, Mark Zuckerberg, Dustin Moskovitz, Chris Hughes, and Eduardo Saverin launched Facebook, initially limited to Harvard students. The platform gained popularity and expanded its membership throughout the year, reaching over 1 million active users by December.

In 2005, it dropped "the" from its name and launched the Facebook Photos feature. The following year, Facebook For Mobile and the first version of Facebook API were introduced, along with the expansion of user registration to anyone above 13 years of age.

In 2007, Facebook's Platform launched, allowing developers to create applications. The company also introduced the Facebook video feature and self-service Ads platform. The year 2008 saw the introduction of Chat and the Connect feature, along with Facebook's accessibility for iPhone users.

The iconic "Like" button was introduced in 2009, followed by the launch of a new home page. By 2010, Facebook reached 500 million active users and introduced features like "Places" and New Groups. In 2011, Facebook opened its first custom-built data center, acquired Instagram, and launched Messenger and Timeline.

In 2012, Facebook acquired Instagram and held its Initial Public Offering. The user base continued to grow, reaching one billion active users by October. In 2013, Instagram's user base expanded, and Facebook introduced various features to the app, including video and Instagram Direct.

Facebook made significant acquisitions in 2014, acquiring WhatsApp and Oculus VR. The company introduced features like "Safety Check" and launched the Oculus Rift. In 2015, Facebook launched the Messenger Platform, Oculus Rift, and Facebook Live.

Throughout 2016, Facebook introduced features like Reactions, video calling on WhatsApp, Instagram Stories, and workplace tools. The company focused on privacy and launched initiatives like Facebook Watch and Facebook Community Boost Program.

In 2019, Mark Zuckerberg shared his vision for a privacy-focused social platform. Instagram introduced the Checkout feature, and Oculus Rift S was launched. In 2020, Facebook launched Facebook Rooms and Facebook Shop, while WhatsApp introduced payments and Instagram introduced Reels.

In 2021, Facebook rebranded to Meta and made significant announcements, including investments in creators, the introduction of Horizon Workrooms, and the launch of Ray-Ban Stories and Portal devices. The company aimed to build the metaverse, offering virtual reality experiences and advancements in augmented reality.

On October 28, 2021, Facebook officially rebranded itself as Meta, signifying its broader vision and commitment to building a connected metaverse.


Mission

Facebook mission statement is: “to give people the power to share and make the world more open and connected.” The statement focuses on its influential role to make a difference in the clients it serves. Due to the changing landscapes of the social networking business, Facebook has had to readjust and redefine its mission statement in the past. Through the changes, the company has revealed how critical leaving an impact on societies is as a reputation sustaining model.

After rebranding to Meta, its mission is: “Giving people the power to build community and bring the world closer together”.

Meta's mission is centered around giving people the power to build community and bring the world closer together. It aims to create a platform where individuals can connect, share, and interact in meaningful ways. By providing tools and technologies, Meta empowers users to form communities, foster relationships, and bridge geographical boundaries.


Vision

Facebook vision statement is “People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.” Its focus is on the influence the company has in the social media sector. Particularly, the statement brings out the social building and dissemination of knowledge as critical factors that Facebook wants to be associated with.

The vision of the metaverse presented by Meta is one of an “interconnected 3D world that we experience for many hours a day, both for fun and for work primarily through VR."


Key Team

Mark Zuckerberg (Chairman, CEO)

Javier Olivan (Chief Operating Officer)

Sir Nick Clegg (President, Global Affairs)

Susan Li (Chief Financial Officer)

Andrew Bosworth (Chief Technology Officer)

David Wehner (Chief Strategy Officer)

Chris Cox (Chief Product Officer)

Jennifer Newstead (Chief Legal Officer)


Recognition and Awards
Over the years, Meta/Facebook has been honored with prestigious awards such as the Webby Awards, which celebrate excellence on the internet. The company has consistently received recognition in categories like Social Media, Mobile Apps, and Technology. These awards acknowledge Facebook's influence in revolutionizing online communication and its commitment to providing a seamless user experience. In addition to industry accolades, Meta/Facebook has also been recognized for its positive social impact. The company has been honored with awards for its efforts in fostering community engagement, supporting social causes, and promoting digital literacy. Meta/Facebook has been acknowledged for its workplace culture and innovation. The company has been featured on lists such as Fortune's "Best Companies to Work For" and Glassdoor's "Employees' Choice - Top CEOs."

Products and Services

Meta (formerly known as Facebook) offers a wide range of products and services that have transformed the way people connect, communicate, and share information online. These offerings cater to various aspects of social networking, communication, entertainment, and digital marketing.

At the core of Meta's platform is the social networking service, which allows users to create profiles, connect with friends, share updates, photos, and videos, and engage in conversations through comments, likes, and shares. The platform offers a personalised news feed that curates content based on users' interests, ensuring a relevant and engaging experience.

Meta also provides messaging services such as Facebook Messenger and WhatsApp. These platforms enable users to send text messages, make voice and video calls, and share media with individuals or groups, facilitating real-time communication across the globe.

Instagram, another popular offering by Meta, focuses on visual storytelling. It allows users to capture, edit, and share photos and videos, fostering creativity and self-expression. Instagram also provides features like Stories, IGTV, and Reels, enhancing the platform's entertainment and content discovery capabilities.

In addition to social networking and messaging services, Meta offers digital advertising solutions through Facebook Ads and the Audience Network. These platforms enable businesses to target specific audiences, reach potential customers, and promote their products or services effectively. Advertisers can utilise advanced targeting options, analytics, and optimization tools to maximize the impact of their campaigns.

Meta is also involved in virtual reality (VR) with Oculus, a division dedicated to developing immersive VR experiences. Oculus offers VR headsets like the Oculus Quest and Oculus Rift, providing users with an opportunity to explore virtual worlds, play games, and engage in interactive experiences.

Furthermore, Meta has expanded its ecosystem to include various hardware products such as Portal, smart display devices designed for video calling and home entertainment. These devices integrate with Meta's messaging services, offering a seamless and intuitive way to connect with loved ones.


References

 

Meta Platforms, Inc. (TheFacebook, Inc.)
Leadership team

Javier Olivan (Chief Operating Officer)

Sir Nick Clegg (President, Global Affairs)

Susan Li (Chief Financial Officer)

Andrew Bosworth (Chief Technology Officer)

Industries

Technology

Products/ Services
Facebook, Instagram, Messenger, WhatsApp, Oculus Quest, Horizon Worlds, Mapillary, Workplace, Diem (acquired)
Number of Employees
Above 50,000
Headquarters
1 Hacker Way, Menlo Park, California, U.S.
Established
2004
Company Type
Public Limited Company
Company Registration
SEC CIK #0001000015
Net Income
Above - 20B
Revenue
Above - 1B
Traded as
META
Social Media

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