Nokia is pulling the plug on Ozo virtual reality camera

Nokia has announced that it is pulling the plug on the development of the Ozo virtual reality camera. This move will lead to a job cut of nearly 310 employees of 1090 employees in the Nokia Technologies unit, mainly in Finland, the US, and the UK.

The camera was announced two years ago and was supposed to be a high-end option for filmmakers looking to capture 360-degree video. However, it seems that Nokia was banking on virtual reality taking off and selling a lot quicker than it has. Ozo was initially priced at $60,000 which was later slashed to $25,000, still, it couldn't cut the mark.

"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. He further added, "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."

Nokia noted that "the slower-than-expected development of the VR market means that Nokia has to reduce investments and focus more on technology licensing opportunities."

Nokia says that it would not develop new iterations of the Ozo virtual reality camera, but it will continue to support existing customers.