Finnish multinational communications company Nokia has announced termination of its Ozo Virtual Reality (VR) camera, which in turn may lead to around 310 job losses in Finland, the US, and the UK.
The makers, who introduced the camera around two years ago as a high-end option for film and documentary making, attributed the end of production to the ‘slower-than-expected’ growth of the VR market, adding that it will focus on patent licensing and digital healthcare instead, reports The Verge.
With a 1,110-odd workforce spanning across the globe, Nokia is moving towards a one-third reduction of its employees, channelizing their focus more towards digital health portfolio, as noted by Nokia Technologies President Gregory Lee, in an official statement.
“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,” the statement read.
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The VR-enabled camera was sold at USD 45,000, although the original price was quoted as USD 60,000.
Further details are awaited.