Nokia To Stop Production Of OZO VR Camera

Nokia has announced that it is to cease production on further versions of the OZO VR camera and hardware.

In a statement, the company said it would 'focus on patent, brand and technology licensing and targets faster growth in digital health with sharpened strategy for Nokia Technologies', while also optimizing investments in virtual reality.

The business admitted that as a result of slower-than-expected development of the VR market, Nokia Technologies now plans to reduce investments and focus more on technology licensing opportunities. This means a stop to the development of further versions of the OZO VR camera and hardware. However, Nokia will maintain commitments to existing customers.

It is understood the potential reductions are expected to affect up to 310 of around 1,090 employees in Nokia Technologies, mainly in Finland, the UK and the US. To start the process, Nokia has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations.

Gregory Lee, president, Nokia Technologies, 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. 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."

(JP/MH)