Nokia Technologies will continue to focus on digital health and patent and brand licensing business.

Nokia to shut down VR camera unit OZO to cut 310 jobs
Atom Nokia Wednesday, October 11, 2017 - 11:15

Nokia will be cutting 310 jobs from its Nokia Technologies unit and will stop the development of its virtual reality camera ‘OZO’ and hardware, the company announced on Tuesday.

Reuters reports that the unit employs nearly 1,090 employees and the potential cuts are expected to affect staff in Finland, the United States and Britain. Nokia employed about 102,000 employees as of end-June.

 “The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities,” it said in a statement.

However, the unit’s focus will now be on digital health and patent and brand licensing business, Nokia said.

"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," Gregory Lee, president of Nokia Technologies said in a statement.

According to a report in Verge, Nokia announced the Ozo camera system only two years ago and positioned it as a high-end option for filmmakers to capture 360-degree video.

The camera was originally sold for $60,000, price was eventually cut to $45,000.

In a press statement, Nokia said it will “maintain commitments” to existing Ozo customers. However, there is no clarity on what exactly the statement means.

While its main business is now telecoms network equipment, Nokia launched the camera last year, which was its first device in its foray into digital media business.

The unit was designed for making 3D movies and games that can be watched and played with virtual reality headsets. 

Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.