Nokia ends development of Ozo VR camera
Nokia has decided to end development of its Ozo VR camera due to “slower-than-expected development of the VR market”.
“In digital media, the slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities,” the statement read. “The unit aims to halt development of further versions of the Ozo VR camera and hardware, while maintaining commitments to existing customers.”
The potential reductions are expected to affect up to 310 of the roughly 1,090 employees in Nokia Technologies, mainly in Finland, the US and the UK. To start the process, Nokia has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations.
The decision is likely not only due to perceived slower than expected growth of the VR industry but also due to tough competition from rival VR camera manufacturers , such as Insta360, which has a broadcast grade stereoscopic VR camera at a far lower price than the Nokia Ozo.