Nokia to ‘Reduce Investments’ in VR Market, Halt Development of VR Camera
Nokia will halt development of future versions of the Ozo professional virtual-reality camera and hardware as part of a strategy shift to “reduce investments” in VR and focus its Nokia Technologies subsidiary more on “technology licensing opportunities,” the company said…
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in a Tuesday announcement. Nokia Technologies will continue to service existing customers on the Ozo, it said. Nokia was prompted to act because the VR market has been slower to develop than expected, it said. The subsidiary expects to eliminate about a third of its 1,090 employees, mainly in Finland, the U.S. and the U.K., it said. Nokia will “sharpen the focus" of Nokia Technologies on “digital health,” while leaving its “successful patent licensing business untouched,” the company said.