Nokia has announced today that it will be shuttering its VR camera division.
The division was responsible for creating the OZO VR camera, which originally retailed for $60 000 before being cut down to $45 000, will soon be resigned to the annals of history.
The camera was not really aimed at the everyday user (not that the price gave that away or anything) but rather filmmakers who needed a high-end camera to capture 360 degree video.
“In digital media, 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 Finnish firm said in a statement this morning.
This “exit” from the VR market does come at a price. Some 310 of Nokia’s 1090 employees in Finland, the United States and the United Kingdom will lose their jobs.
Nokia will now shift focus to its digital health portfolio by way of Withings which it acquired in 2016.
“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,” president of Nokia Technologies, Gregory Lee said in a statement.
The firm said it would maintain commitments to existing OZO customers but did not elaborate on what exactly that meant.
[Source – Nokia]