Nokia is killing off its Ozo virtual reality camera and cutting 310 jobs

Nokia says it will stop development of its Ozo virtual reality camera, leading to 310 job

losses in Finland, the US, and the UK. The company says the change is due to the slower-than-expected development of the VR market, and that it will instead focus on patent licensing and digital healthcare. It was only two years ago that Nokia announced the Ozo camera system and positioned it as a high-end option for filmmakers to capture 360-degree video. The camera originally sold for $60,000, though the price was eventually cut to $45,000. In a press statement, Nokia said it will “maintain commitments” to existing Ozo customers, though did not clarify what that means. The company currently employs around 1,090 people in its technology arm, so the job cuts mean it will lose close to a third of its workforce in Nokia Technologies. Nokia will now focus on its digital health portfolio, which includes Withings, the company it purchased 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," said Gregory Lee, president of Nokia Technologies in a statement. Correction: The article has been updated to clarify that 1,090 people work in Nokia Technologies, not the whole company.                                                                                   https://www.theverge.com/2017/10/10/16452114/nokia-killing-off-ozo-virtual-reality-camera-310-jobs-lost