It marks a huge shift for the company, which could mean laying off staff as it reduces investments in virtual reality and redirects efforts into other projects. The Finnish company said it will now be focusing on becoming a leader in the health tech space following its buyout of Withings last year.
"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 the company's president, Gregory Lee, in a statement.
Nokia unveiled the $40,000 camera (initially priced at $60,000) back in the summer of 2015 to meet demand for high-quality VR content for headsets made by the likes of Oculus, Sony, Google and HTC.
Nokia expects up to 310 out of its 1,090 employees in Finland, the US and the UK to be affected by the decision, although no layoffs have been confirmed.
This change in focus will not impact Nokia's patent licensing division or its efforts in 5G and the internet of things.
See the full story here: https://www.cnet.com/news/nokias-fancy-vr-ozo-camera-is-no-more/