Nokia Axes Ozo VR Camera Citing Slow Industry Development

Nokia is giving up on VR – 300 jobs at risk

Nokia is halting further development of OZO VR cameras, but the company said it intends to maintain its commitments to existing customers.

Nokia Technologies will slash 310 jobs as part of its strategy to reduce investments and focus more on technology licensing opportunities in VR market.

Even discounted from $45,000 to $15K, the immersive video-recording rig failed to resonate with a large enough audience, prompting Nokia's VR investment "optimization".

Nokia tried to put a positive spin on the news by announcing it will put more resources into growing its digital health business.

Aside from the job cuts, the biggest casualty is the Ozo virtual reality camera.

While Microsoft did acquire Nokia's mobile arm a couple of years ago, the company has managed to live on in Finland, the U.S. and United Kingdom by working on other projects.

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However, negotiations on reducing staff numbers and costs must start the process, and so talks will soon begin in Finland.

Meanwhile Nokia is pulling the plug on its OZO virtual reality camera and hardware, just two years after its launch.

The reason for the shutdown according to Nokia has to do with the slow growth in the VR market or rather, the direction of growth.

"While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected", he added. Since then Nokia have been a relatively constant presence, appearing at events and working with multiple partners through the OZO VR camera. The figure represents around a third of the Nokia Technologies workforce.

Nokia says it will instead focus on health products and licensing of patents.

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