From FANG to MANG?

With all the chaos swirling around Facebook in recent weeks the social network has done a decent job of changing the conversation Well done Mark and teamamp160With a focus on things like the metaverse a term that refers to a convergence of physical augmented and virtual reality in a shared online space it is clear that Mark Zuckerberg is visibly excited about their next chapterZuckerberg said that the metaverse is quotgoing 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 it39s going to be the next big chapter for our company too really doubling down in this areaquotThe name change signals the network39s ambition to be known for more than social media and all the ills that entails It also signals some meaningful confidence in NFTs Crypto and so much moreThis should signal a major red warning flare for our market The metaverse can and will meaningfully change the way consumer interact and coexistCan this work for them The rebrand positions the Facebook as one of many products under a parent company overseeing groups like Instagram WhatsApp Oculus and more and also signals a change to the next version of the web as we know it They seem to be well positioned to capitalize as they take over more products in the home and maintain their user base or grow it in parallelFacebook isn39t the first wellknown tech company to change its company name as its ambitions expand In 2015 Google reorganized under a holding company called Alphabet partly to signal that it was no longer just a search engine but a sprawling conglomerate with companies making driverless cars home automation health tech and much more Snapchat rebranded to Snap Inc in 2016 the same year it started calling itself a quotcamera companyquot and debuted its first pair of Spectacles camera glassesThe larger question is whether such a change will help the network separate the technext work Zuckerberg is focused on from the intense scrutiny Facebook is has been under for the way its platform operates and for its many violations of industry and consumer trustamp160This will be necessary for them to seize the likely leadership position they could takeCan a converged augmented virtual and physical world take the pressure off the social network Time will tellAdvertisers and agencies I have spoken with all of whom did not want to be publicly named seem to agree on one thing The recent whistleblower episode and the changes in privacy will have a material impact on the network but many felt that local advertisers which are their lifeblood will likely still lean in as they are further from the news and understanding of what is happening while also being businessoutcome focused but that over time even the SMBs could pull backAll also agree that audio and video will be the winners as money moves away from the network in the nearterm but what they do with the metaverse could reverse this trend if they do it right One agency exec and one leader of a national broadcast network both said now that we can target track and measure like they do in digital the issues with brand safety and these public calls for change will move dollars into video TV and CTV and to radio more so digital audio but to terrestrial as well and to DOOH They feel that these environments are more brand safe and now that there is scale and accountability there is no reason to spend as much on traditional digitalWhat happens next is anyone39s guess Will the move to Meta be enough of a distraction to slow the exodus or will the growth of other channelsamp160that are more brand safe and now addressable take enough share away that Meta is just a nice new shiny object that is too little too lateBefore the change I would have bet on them losing share I believe that the future is the metaverse and any company broadcaster social network or otherwise that makes smart investments values consumer privacy and helps marketers achieve meaningful businessbased outcomes will win With the change I would not count Meta outClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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From FANG to MANG?

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Gabe Greenberg

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

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From FANG to MANG?

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