Nokia Shuts Down VR Camera Unit, Citing Slow-Growing Virtual Reality Market
11 October, 2017, 00:34 | Author: Pamela Mathis
Nokia will no longer develop any new Ozo VR cameras but promises to support existing customers.
That insane expensive 360-degree OZO camera aimed at professional content creators is left without a sequel, and the "slower-than-expected development of the VR market" on the whole makes Nokia Technologies "reduce investments" in this field, directing its increased attention instead to various "technology licensing opportunities".
Despite its price, the OZO camera featured some impressive pieces of kit.
Further details are awaited. "The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities", the company said.
Moving forward, Nokia said it would look to focus its Technologies arm on opportunities in licensing and healthcare.
The company said that it plans to reduce VR investments, in a strategic rethink that will result in the layoff of up to 310 of Nokia Technologies' roughly 1,090 employees - mainly in Finland, the USA and UK.
Since, the VR market failed to grow at a pace that Nokia expected it to, along with rivals making cheaper alternatives, Nokia's decision appears sensible.
The OZO ball boasts eight cameras and microphones that capture footage and for VR experiences.
Nokia said the change in direction could affect the jobs of up to 310 of the 1,090 people employed by Nokia Technologies. It will continue to "maintain commitments" to OZO owners, but it's not clear exactly what that means.
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