Facebook unveiled a major redesign of the home page that greets users, aiming to make things more engaging for users and more profitable for the company.

After rolling out a new social search feature back in January, the new look is Facebook's latest effort to get its more than one billion users to spend even more time on the service and, at the same time, get advertisers to spend more money on the social network.

The News Feed is arguably the most valuable real estate on Facebook. It is the page that greets users when they log into the site, the page where users check out the latest updates from their friends, businesses, celebrities and other things they "Like." It makes sense for Facebook to want to capitalize on this valuable real estate and make it more engaging and relevant, especially since new reports highlight that youngsters in particular are no longer as interested in the service as they once were.

"What we're trying to do is give everyone in  the world the best personalized newspaper we can," Facebook co-founder and CEO Mark Zuckerberg explained at the media event on Thursday, March 7, at the company's headquarters in Palo Alto, Calif.

The new design is more visually appealing due to a greater emphasis on images rather than text, and is more consistent across the Web and mobile devices. For the end user, Facebook's focus on better personalization options means that users will have more control over the content they see in their News Feed.

Toward this end, Facebook is adding multiple news feeds to complement its existing News Feed. With the new look, the social network now sports an All Friends feed that lists everything friends share, in chronological order. A Photos Feed only displays photos from friends and liked pages, while a Music Feed includes posts about music and local concerts. A Following feed, meanwhile, displays news from liked pages and people the user chose to follow.

Overall, it looks like Facebook wanted to de-clutter everything and make it more organized, thus allowing users to find content more easily and choose what they want to see.

Facebook rolled out the new design to some users of the Web version of the social network on Thursday, March 7, and will extend the redesign to all users and to mobile apps in the coming weeks. Facebook is also offering users the chance to join the waiting list and receive a notification when they can try the new look.