Meta to Shut Workplace Tool; Zoom Video's Workvivo Named Preferred Migration Partner
By Ben Glickman
Meta Platforms is shutting down its business communication platform Workplace in a push to prioritize artificial intelligence and other investments.
A Meta spokesperson said in a statement that the company was discontinuing the product in order to focus on building AI and metaverse technology, which it believes will reshape work.
Zoom Video Communications said that its Workvivo platform had been named as Meta's only preferred migration partner for customers.
Workplace will be phased out over the course of two years, Meta said, with customers still able to use the platform as usual until August 2025. The company said the product would no longer function after Aug. 31, 2025, but data would be accessible until May 2026.
Meta added that it would provide customers billing relief and options to download data. Meta said it would provide Workplace customers the option to migrate over to Zoom's Workvivo for the next two years.
Meta said in 2021 that its platform had reached 7 million paid subscribers.
Workvivo, another business communication tool, was acquired by Zoom last year.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 14, 2024 13:47 ET (17:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now