The Nokia Ozo VR camera launched back in 2015, the device came with a hefty price of $60,000, the company then dropped the price of the camera to $45,000.
Nokia has now revealed that it will stop working on the Ozo VR camera and this will affect around 310 staff of Nokia Technologies.
The Rise and Fall of the Nokia Ozo VR Camera
The Nokia Ozo VR camera was initially introduced as a groundbreaking piece of technology aimed at professional filmmakers and content creators. With its eight synchronized global shutter sensors and eight microphones, the Ozo was designed to capture 360-degree video and spatial audio, providing an immersive VR experience. Despite its advanced features, the high price tag of $60,000 made it accessible only to a niche market. In an attempt to broaden its appeal, Nokia later reduced the price to $45,000. However, even with the price cut, the camera struggled to gain widespread adoption.
Nokia’s Strategic Shift
Nokia’s decision to halt the development of the Ozo VR camera is a reflection of the broader challenges faced by the VR market. While VR technology has made significant strides, its adoption has been slower than anticipated. This has led many companies, including Nokia, to reassess their investments in this space.
In digital media, 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 unit aims to halt development of further versions of the OZO VR camera and hardware, while maintaining commitments to existing customers.
“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,” said Gregory Lee, president of Nokia Technologies. “While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected.”
The shift in focus from VR to digital health is a strategic move for Nokia. The digital health market is growing rapidly, driven by advancements in wearable technology, telemedicine, and health data analytics. By reallocating resources to this sector, Nokia aims to leverage its technological expertise to capture a larger share of this burgeoning market.
The decision to stop further development of the Ozo VR camera will impact approximately 310 employees within Nokia Technologies. The company has stated that it is committed to providing support to those affected by this transition. This includes offering career counseling, job placement services, and severance packages to help ease the transition for impacted employees.
Nokia’s pivot to digital health is not entirely surprising. The company has already made significant investments in this area, including the acquisition of Withings, a French consumer electronics company specializing in health-related products. This acquisition has allowed Nokia to expand its portfolio to include smartwatches, fitness trackers, and other health monitoring devices.
The move away from VR also aligns with broader industry trends. Many tech companies are shifting their focus to areas with more immediate commercial potential. For example, Google has scaled back its VR ambitions, focusing instead on augmented reality (AR) and other emerging technologies. Similarly, Facebook has rebranded itself as Meta, signaling a shift towards the metaverse, a virtual world that combines elements of VR, AR, and the internet.
You can find out more details about Nokia’s future plans over at their website at the link below.
Source Nokia
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