Nokia says it will stop development of its Ozo virtual reality camera, leading to 310 job losses in Finland, US, and UK. The company explains the decision made is due to the slower-than-expected development of the VR market, and that it will rather focus digital healthcare patent and brand licensing business. Nokia to Officially Kill its VR Camera Development.
Nokia announced the Ozo camera system two years back and said it was a good option for filmmakers to capture 360-degree video. The camera originally sold for $60,000, though the price was eventually cut to $45,000.
Nokia to Officially Kill its VR Camera Development
The company currently employs around 1,090 people hence the job cuts mean it will lose close to a third of its workforce in Nokia Technologies.
Gregory Lee, president of Nokia Technologies said in a statement:
“Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity.”
The company made a statement that:
“The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities.”
Nokia has made a good decision since rather then wasting money on a project that does not seem to be working quite well it shall make efforts in the fields where the company might actually excel and make good money.