Word is circulating that Nokia is shedding 310 workers from its Nokia Technologies arm and has stopped the development of its OZO camera and hardware. The unit that was working on the OZO hardware has 1,090 workers currently and the people let go will be from the US, Finland, and Britain reports Reuters.
As for why Nokia has stopped development on the OZO camera, it says that the VR market is developing slower than expected. It plans to focus more on technology licensing opportunities and reduce investments in VR. The OZO camera is a very expensive bit of tech.
It was meant to be used by professional filmmakers and game developers to create content that could be played and viewed on VR headsets. The OZO camera sold for $45,000 making it extremely expensive. That price may well be why the VR market is developing so slowly.
If the tools game developers need to step into VR production cost that much, it’s certainly hard to justify the expense. Nokia Technologies will also be focusing on digital health technologies. Another interesting tidbit about the OZO camera is that the $45,000 price tag is after a 25% price reduction last year.