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.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations