What New Products And Updates Could Debut At Facebook Developer Conference?

Facebook Inc FB will host a virtual event for developers in June that could show off new updates and products.

What Happened: Facebook will host developers at a single-day, virtual-only conference on June 2, TechCrunch reports.

The event is called “F8 Refresh” and it will be “a place to celebrate, inspire and help developers grow," Konstantinos Papamiltiadis, vice president of Platform Partnership at Facebook, said in a Facebook blog.

Facebook CEO Mark Zuckerberg will not give a keynote speech this year, sources at Facebook told TechCrunch. Papamiltiadis will give the opening presentation.

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Why It’s Important: Without a Zuckerberg keynote, the conference could sit out in terms of major product launches.

TechCrunch suggests Facebook could provide updates on growth in developing markets, launching a response to Clubhouse, diversifying beyond advertising and updates on the launches of Novi, a digital wallet, and Diem, a cryptocurrency.

Papamiltiadis said the conference will provide updates on new product tools for Facebook, Instagram, Messenger and WhatsApp. Oculus will likely be left out of the news cycle at the event with a separate event planned for the VR segment.

An update to Facebook’s plans to take on the rise of Clubhouse seems likely. Companies like Twitter Inc TWTR and Facebook are launching services to compete with Clubhouse. An update at the F8 Conference could inaugurate a new pillar for Facebook’s growth.

Given the rise of interest and valuation in cryptocurrencies in 2021, an update from Facebook on Novi and Diem also seems likely. Diem was originally called Libra and Facebook had planned to make the coin backed by a basket of currencies prior to regulatory concerns. Novi, previously known as Calibra, could introduce a new service for Facebook in the growing fintech market.

FB Price Action: Shares of Facebook are trading down 1.35% to $286.84 on Wednesday.

(Image: Facebook)