Nokia got out of the mobile hardware business a couple of years back and now it’s also leaving the virtual reality camera business. It launched the Ozo virtual reality camera system a couple of years ago but Nokia has now confirmed that it’s going to stop development on the product. It’s actually shutting down the Ozo division which will lead to 310 job cuts in the United States, United Kingdom, and Finland combined.

Nokia says that it has taken this decision due to “slower-than-expected development of the VR market.” It’s now going to reduce its investment in this space and focus more on technology licensing opportunities. Nokia will no longer develop any new Ozo VR cameras but promises to support existing customers.

The Nokia Ozo VR camera was never meant for the average user. It was a high-end 360-degree camera meant for filmmakers, after all, you and I will probably not spend $60,000 on a virtual reality camera. In all fairness, it did cut the price to $45,000 later.

Nokia has reiterated its commitment to fully leverage its digital health portfolio that it acquired through the purchase of Withings last year. It’s aiming to develop a more focused and agile digital health business.

That being said, it will stop development on future Ozo products and will look to license its existing technologies instead.

Filed in Gadgets. Read more about Nokia and Virtual Reality (VR).

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