Facebook’s changes after a decade on the stock exchange

At that time, Facebook was considered the “baby” of the Internet generation, simply connecting people. Now, the technology “giant” in Silicon Valley (USA) has changed its name to Meta after scandals that tarnished its image, related to putting profits above user privacy and even the interests of society as well.

Born in 2004 at the dormitory of Harvard University (USA), Facebook, now owned by Meta, has become the dominant social network in the world with more than 2.9 billion users. However, like other free online platforms, Facebook is monetizing ads that target people’s interests. The company mines information about users’ online activities to become a giant digital advertising corporation, raking in billions of dollars.

Critics say that Meta is focusing solely on growth and ignoring protecting people’s data as Facebook’s user base grows into the billions. Creative Strategies analyst Carolina Milanesi said that at the time of its launch, Facebook was seen as “young, edgy and connecting people”. Now, however, most people see Meta as seemingly “manipulating politics” and prioritizing advertising; while the criticized Facebook platform seems to be “always hungry for data”.

In 2016, Meta (at the time still known as Facebook) was embroiled in controversy regarding the US Presidential election. Two years later, this social network was again embroiled in scandal after the British consulting firm Cambridge Analytica surreptitiously collected the data of millions of Facebook users and used this information for political purposes. . Regulators in Europe have passed a law that aims to give users more control over their online data. Apple has tweaked its mobile software to prevent apps like Facebook from collecting user data for more effective advertising.

After many scandals, Meta is now aiming to invest heavily in the metaverse digital space by adding new features on hardware devices that act as access points to the virtual world. Metaverse is a digital space created as a virtual world, where users can interact with each other and have authentic experiences just like the real world. Through virtual reality aids such as VR or AR, people can live and role-play in the metaverse space. Instead of meeting face-to-face in the real world, the metaverse allows people to role-play to meet and interact with each other in virtual space despite all physical obstacles.

Some argue that this redirect is one of Meta’s attempts to distract from the scandals affecting Facebook. Independent expert David Bchiri said that Meta “was so far ahead that it was difficult to tame”. Meanwhile, expert Milanesi said she doesn’t think Meta is looking to become a metaverse social media company. She predicts a “much stronger pivot” in linking consumers and businesses, making purchases or attending events, rather than connecting people on a personal level. In the metaverse, Facebook users are more likely to go shopping instead of finding out what their friends did on vacation. It is this factor that makes Meta and the social network Facebook continue to be one of the top choices that brands are looking to enlist to attract and entice customers.

* Invite readers to watch programs broadcast by Vietnam Television on TV Online and VTVGo!