Why Companies Change Their Names: Twitter, Mcafee, Amazon, Meta Force
Why, and what should Meta Force users expect? What is the point of changing the name of a successful business?
The DeFi Meta Force platform has changed its name to Holiverse.
Why, and what should Meta Force users expect? What is the point of changing the name of a successful business?
A global rebranding of a company, firstly, is a daunting task for marketing and PR departments. It involves significant costs and the need to explain the change to customers. Nevertheless, companies continue to rebrand, change their names, logos, corporate colors, and slogans. The incentives for these changes can vary greatly — from the simple and sometimes inexplicable desire of the owners to quite understandable marketing motives.
Renaming can be total when the brand is completely changed, leaving no traces of the previous name, or it can be partial. For example, Facebook and Google renamed their parent companies Meta and Alphabet, respectively, but the well-known brands themselves remained. Apple Computers, after the iPhone launch, dropped the “Computers” part from its name. Such partial changes are important, but they do not have a dramatic effect on the audience. Though, the consequences of complete renaming can be very serious.
Twitter And X
This is perhaps the most significant renaming in recent years. After acquiring Twitter, the ambitious Elon Musk embarked on a grand transformation, seeking to update the social network beyond its old name and brand.
Firstly, according to the new owners, Twitter has become associated with violations of freedom of speech.
Secondly, the name and logo correspond to the format of short messages. Musk has radically changed the concept of the social network, making it universal. Now posts are no longer limited in volume and do not resemble the rapid chirping of a bird.
It needed a name that was truly large-scale, comprehensive, and grandiose. Therefore, Twitter became a thing of the past, and "X" appeared. A concise, powerful and... bold decision, since the previous name became the basis of the commonly used verb for sending a short message.
Although Twitter disappeared legally, it remained in the minds of users. The verb "tweet" is still used, and in the public consciousness, Twitter still prevails over X. However, Elon Musk is a determined person, and he will most likely achieve user recognition.
In Twitter's case the fact is that the company has grown out of its name in a certain sense. There was no marketing sense in changing an established name – it is unlikely that it could have increased sales or reduced costs, rather, on the contrary, losses should be expected. However, it was important for the owner to change the perception of his business, create new associations, and emphasize new missions and values. It was a strategic decision aimed at positioning the company both on the market and in the global information environment.
McAfee And... McAfee
The McAfee antivirus developer has had a tumultuous history of changing its name. This is largely due to the eccentric personality of the company's founder, John McAfee. Many times, the developer wanted to get rid of the founder’s name in the title, but his charisma was so great that it kept returning.
When the company was founded in 1987, it was called McAfee Associates. After McAfee’s leave and several corporate takeovers, it changed to Network Associates. However, when Mr. McAfee returned, his name returned with him. The antivirus developer became known simply as McAfee.
But the brand's adventures didn't end there. In 2010, Intel bought the company and rebranded it as Intel Security. However, Intel's antivirus business didn't go well, and the company once again changed its owner. This new owner returned the name McAfee.
McAfee's renaming did not make much marketing sense and was not based on an accurate calculation, but most likely was carried out spontaneously with the next change of owner.
Cadabra And Amazon
However, not all renaming cases had a similar motivation. There were instances when the renaming was forced, and the whole situation could be considered curious.
Do you know what Jeff Bezos' Amazon company was originally called? Cadabra. There is a universal magic word called "Abracadabra," which has been used for almost two thousand years. Bezos dropped the initial "Abra" and got Cadabra — the original, in his opinion, name for his bookselling company.
Everything would be fine, but the lawyer informed the future multi-billionaire that the consonant word "cadaver" means "dead body". Bezos decided not to take any chances and changed the name.
At first, he chose "Relentless" — a sonorous word, but it seemed too aggressive for the book business. As a result, he settled on Amazon, which he came up with by browsing the "A" letter of the alphabet.
Meta Force and Holiverse
At the end of September 2024, Meta Force announced a major corporate change: a rebranding and a new name. The DeFi platform with two million users grew too rapidly not to undergo corporate changes. When a startup becomes a global player, changes are needed.
In addition to scaling its existing business, Meta Force also explored new markets. It launched its own cosmetics line, engaged in DNA research, and initiated creative media projects. However, the company's main focus was on developing its own metaverse. The announcement about rebranding coincided with the start of beta testing of the metaverse, underscoring the company's commitment to reaching a new level.
The new name, Holiverse, reflects a certain philosophical subtext. It alludes to the term "holistic," which means complete, comprehensive, and global. The combination of "Holistic Metaverse" turned out to be both ambitious and versatile.
As in most cases of rebranding, users do not lose anything as a result of the changes, except that they find themselves under the umbrella of a new, more global brand.
Reorganisation and renaming of companies are standard corporate procedures that many global players have undergone. The new names helped to improve brand perception, change user attitudes and, in the long run, create a buzzing information occasion.
However, not all cases of renaming had a happy ending. The right name requires careful calculation, skill, luck and, of course, there is a certain risk involved. For example, the renaming of one of Netflix's services to Qwikster was so negatively perceived by users that it caused a dramatic drop in shares – the company lost half its value and it had to urgently return to the familiar Netflix name.
Anyway, we will see many more familiar brands change their names and appear in a new guise.
And this brings new colors to the routine, which is already quite good.
News by Businessnewsrelease.com
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