This move is a creative way to dominate the metaverse, a 3D version of the internet that most tech companies are currently trying to achieve. On the 28th of October 2021, Facebook, the company behind Instagram, WhatsApp, and Facebook, rebranded to Meta. According to CEO Mark Zuckerberg, the brand has been linked to one product for a long time, making it difficult for it to represent everything the company is doing and aims to do. The name metaverse was chosen to represent the shared online 3D virtual space.
What is Meta's Metaverse?
According to Zuckerberg, a metaverse is a conjuri9ng o virtual reality that will allow people to interact and perform specific actions through an avatar using a VR headset or device on the wrist. In the metaverse, users will wear smart glasses that record what they see and hear and offer augmented reality. The metaverse is designed as a virtual space for users to socialize, work, game, shop, watch movies.
New Features Meta is offering
The idea behind the metaverse is relatively new to most people. However, here are a few features you can expect from Meta.
• A virtual world - Meta is set to provide users with an opportunity to explore virtual realities with the use of wearable tech, gaming consoles, computers, mobile, and other devices.
• Virtual reality - Users will be able to experience virtual reality using virtual reality headsets.
• Connection to the real world - In some of the visions in the virtual world, users will be able to connect to objects in the real world.
Aside from the features offered under the metaverse, Meta seeks to upgrade social media platforms such as Facebook with new features, subgroups and customizations. Some of these features include:
• Group admins will have access to monetized options for groups and subgroups.
• Facebook is looking to introduce subgroups for more specific communities.
• Group admins will no longer be able to add custom features to personalize the community experience.
How Meta will Transform Social Media Ads
In today's modern era, digital marketing through social media has been one of the most successful marketing campaigns. Businesses can effectively target and reach their potential audience through social media ads based on their social media behavior, preferences, and connection. However, when social media giant Facebook decided to rebrand itself to Meta, it set a precedence for change in social media ads.
The metaverse is set for rapid growth, which will present new opportunities for marketers to explore. However, the company will soon ban target ads based on sensitive categories such as politics, race or religion. This ban is set to take effect as of 19th January across Meta's platforms, including Instagram, WhatsApp, Facebook, and Messenger. According to the company's vice president of product marketing and ads, Graham Mudd, advertisers will no longer be able to set health-related, political or religion-based keywords.
The changes to social media ads come as a result of feedback from policymakers, civil rights groups and other parties seeking to prevent marketers from exploiting the platform. However, markets should keep in mind that the target categories being removed are not based on the people's personal attributes, physical characteristics.
According to Mudd, the decision to remove ad targeting options was not easy as some of the marketers expressed their concern about their ability to generate positive societal change. Meta has also announced the launch of new tools to help users choose fewer ads; this way, users can effectively block ads they may not be interested in. Despite providing users with an opt-out option for ads related to parenting, politics and alcohol, users will see fewer ads related to gambling and weight loss.
Meta is also set to tailor ads based on people's interaction with content across their platforms. This will allow users to access personalized advertising experiences; this way, users can explore products and services from small businesses that are not marketed on mainstream media.
According to a report by New York Times, Meta relies hugely on targeted ads for its annual revenue, which is in billions of dollars. According to Mudd, the new changes to social media ads are set to impact non-profit groups, small businesses, and advocacy groups. However, Meta is currently working on an alternative advertising option such as broad targeting based on gender and age. Meta also seeks to leverage Engagement Custom Audiences to reach people who engage with their content or like their Page.
Despite the changes to social media advertising, Meta will continue working closely with creative agencies to create and design marketing campaigns. Meta will also bring on board several media agencies to help determine specific audiences to direct the ads. The new changes to social media ads are designed to address the sensitive nature of some of the ads and how they impact society. With the introduction of the metaverse, social media users will explore new markets through personalized marketing.