Nokia Technologies, the subsidiary of Nokia that looks after virtual reality, has announced that it will no longer manufacture its high-end OZO virtual reality camera following "slower than expected" adoption of VR technology.
As a result, 310 Nokia Technologies employees will lose their jobs, split between the US, UK and Finland. Instead, the subsidiary will focus its attention on patents and health products, following Nokia's acquisition of Withings in 2016. New products developed using Withings technologies have subsequently be renamed under the Nokia brand.
It doesn't come as much of a surprise that Nokia has had to make the decision to stop making the OZO VR camera, not least because virtual reality hasn't taken off in the way that many industry analysts expected, but because it cost around €50,000 and you can get virtual reality headsets and cameras for much less.
You did however get a lot for money, to the tune of eight cameras, each with a 195-degree angle of view. The OZO camera can also record full 360-degree spatial audio and stitch everything together using software to create a fully immersive 360-degree virtual reality experience that can be viewed back on headsets like the Oculus Rift.
Nokia has said it will continue to support any customers that purchased an OZO camera.
Nokia Networks and Nokia smartphones, licensed and manufactured by HMD Global, will not be affected.