The company announced that it is ceasing development of its OZO virtual reality camera and hardware, Reuters reports. The OZO was designed for content creators to make 3D content, such as games and movies, that could be viewed in popular VR headsets. The camera originally cost over $56,000, but Nokia cut its price by 25% to $45,000 last year.
Nokia’s Technologies unit was responsible for the jettisoned device, and it will now see up to 310 employees (out of the unit’s 1,090 workers in total) be laid off. “The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities,” Nokia said in a statement. MG