Nokia Abandond Ozo VR Camera Development; 310 Employees Facing Job Loss
Technology today is vastly different from what it was a few years ago. Among one of the most recent developments in this aspect is the introduction of virtual reality (VR). Today, there are many VR headsets and devices that cater to those who would like to explore a world beyond the physical.
Nokia released Ozo, a virtual reality camera to keep up with the trend. However, given some specific circumstances, Nokia has decided to cut the project down, which will consequently lead to 310 job losses.
"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, in a statement. "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."
Get Our Latest News for FREE
The main reason for abandoning the development of the Nokia Ozo virtual reality camera is that the VR market is taking a while to fully develop the technology. As a result, Nokia will be focusing on patent licensing, as well as developing their contributions to the medical community. The company is currently committed to digital healthcare, and as such, they will be reducing their investments on VR.
There are 1,090 employees currently working for Nokia Technologies. The expected 310 job losses mean that a third of the workforce will be cut. Although Nokia has said that they will be offering support to those who are affected, many are now beginning to worry, especially those who rely on Nokia for their livelihood.
Nokia did not specify how they will be supporting these employees. However, fans hope that they will do justice to the people who have helped them when the company's future was murky at best.
