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Nokia halts development of its $45000 VR camera

Nokia halts development of its $45000 VR camera

The company said the VR market's development had turned out to be "slower than expected".

The decision will apparently affect up to 310 staff in Nokia Technologies which itself has around 1,090 staff with a lot of them located in Finland, United States, and United Kingdom.

Nokia today announced plans to sharpen the focus of Nokia Technologies on digital health, and accelerate growth in that market, while optimizing investments in virtual reality (VR). The figure represents around a third of the Nokia Technologies workforce.

Nokia Technologies is to slash its workforce by nearly a third as it refocuses its efforts towards technology licensing and digital health rather than virtual reality. The closure of this business also means handing out pink slips to employees who are working for this unit across the US, Finland and the UK.

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The company says it will increase its focus on digital health and brand and technology licensing balanced with optimised investments in virtual reality.

The OZO ball boasts eight cameras and microphones that capture footage and for VR experiences.

Nokia has pledged to support existing customers but development has been halted. However, the company plans to build on digital health and try that avenue for profit, building on the acquisition of activity tracker and health-monitoring device company Withings for €170m a year ago.

Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity.