Nokia pulls the plug on the Ozo VR camera, will lay off up to 310 employees

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Nokia Applied sciences has introduced that it is going to be decreasing its investments in VR resulting from "slower-than-expected improvement of the VR market," and this implies placing an finish to its Ozo VR camera. Whereas Nokia will fulfill its commitments to clients who've already bought the digital camera, the corporate explains that it'll not develop future variations of Ounces.

Nokia revealed the change of plans in a press release yesterday, through which the corporate additionally detailed a enterprise restructuring plan that features shedding as much as 310 staff—a big proportion of Nokia Applied sciences' 1,090 employee base. These layoffs will primarily occur within the US, UK and Finland, and are a part of a shift in the direction of "digital well being and model and know-how licensing."

Presently, the Ounces+ digital camera continues to be listed as obtainable in Nokia's on-line retailer for $25,000 USD.

Press Launch

Nokia focuses on patent, model and know-how licensing and targets quicker progress in digital well being with sharpened technique for Nokia Applied sciences

Press Launch

  • Elevated give attention to digital well being and model and know-how licensing balanced with optimized investments in digital actuality
  • Deliberate modifications anticipated to influence Nokia Applied sciences staff primarily in Finland, the US and the UK
  • Nokia's profitable patent licensing enterprise isn't in scope of deliberate modifications

October 10, 2017

Espoo, Finland – Nokia in the present day introduced plans to sharpen the main target of Nokia Applied sciences on digital well being, and speed up progress in that market, whereas optimizing investments in digital actuality (VR). Nokia Applied sciences may even concentrate on rising model and know-how licensing whereas leaving its profitable patent licensing enterprise untouched.

The shift deepens Nokia's dedication to completely leverage its digital well being portfolio acquired by means of the acquisition of Withings in 2016. By way of a extra targeted, extra agile digital well being enterprise, Nokia goals to have bigger influence with shoppers and the medical group.

In digital media, the slower-than-expected improvement of the VR market signifies that Nokia Applied sciences plans to scale back investments and focus extra on know-how licensing alternatives. The unit goals to halt improvement of additional variations of the OZO VR digital camera and hardware, whereas sustaining commitments to present clients.

The potential reductions are anticipated to have an effect on as much as 310 of the roughly 1090 staff in Nokia Applied sciences, primarily in Finland, the US and the UK. To start out the method, Nokia at present has invited worker representatives of Nokia Applied sciences in Finland to cooperation negotiations.

"Nokia Applied sciences is at some extent the place, with the fitting focus and investments, we will meaningfully develop our footprint within the digital well being market, and we should seize that chance," stated Gregory Lee, president of Nokia Applied sciences. "Whereas needed, the modifications will even have an effect on our staff, and as a accountable firm we're dedicated to offering the wanted help to these affected."

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