Nokia Announces VR Cutbacks As It Refocuses Its Business Direction

Above Nokia's Ozo VR

In healthcare, Nokia unveiled two new devices in June and rebranded Withings, the company it acquired a year ago.

"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 company says.

Nokia got out of the mobile hardware business a couple of years back and now it's also leaving the virtual reality camera business.

Further details are awaited. Going forward, Nokia will be focussing on licensing out its patents and digital healthcare, rather than virtual reality or smartphones.

An estimated 310 out of 1,090 people could be laid off, mostly in Finland, the USA and Great Britain, Nokia announced in a press release.

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Nokia has pledged to support existing customers but development has been halted. The Ozo offered 360-degree video and audio capture and was used in BT Sport's VR broadcast of the 2017 UEFA Champions League final in Cardiff.

The Nokia Ozo VR camera was never meant for the average user. The Finland-based company, however, did say that it wants to "optimise" the investment in the VR, but maybe not by developing a VR product.

Nokia is cutting 310 jobs as part of a restructure at its Technologies arm and is hiring two senior execs as it looks to make good on a promise to focus on the enterprise market.

Nevertheless, the layoffs will mainly happen in the US, UK and Finland and account for around 35 percent of the 1,090 employees in Nokia Technologies.

Nokia has continued producing Withings' attractive smartwatches, smartphone-connected body scales, and even a smart hair brush, with more devices to come in 2018 including a new sleep monitor.

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