Facebook Inc has renamed its parent company Meta to further accommodate its current service and future projections.

The change does not affect separate blogging services like Facebook, WhatsApp and Instagram.

The current brand cannot “possibly represent everything that we’re doing today, let alone in the future,” Mark Zuckerberg, Facebook founder said in a virtual conference where he announced the development. 

Mr Zuckerberg said the name will better capture all of its services at the moment and as it crosses the borders of social media into areas like virtual reality (VR). 

“Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards,” he told the virtual conference.

“We’re now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms.

“And as part of this, it is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build,” Mr Zuckerberg added. 

Facebook said it intends to start trading its shares under the new stock ticker MVRS from 1 December.