Nokia is killing off its VR unit

Nokia is giving up on VR – 300 jobs at risk

In a sign that the virtual reality (VR) industry is experiencing growing pains, Nokia announced today that it's stopping development of its Ozo VR camera and hardware.

The unit was one of three that Nokia retained following the sale of its handset business to Microsoft in 2013.

The news comes on the eve of the Oculus Connect VR developers conference, which opens Wednesday in San Jose.

Pricing out amateur moviemakers may well have been the nail in the OZO coffin, but the end of the Nokia camera leaves the door open for another company to help take the immersive moviemaking mainstream.

The OZO camera, a 360-degree stereoscopic camera, was released in November 2015. In a statement, Nokia said it is suspending development of the OZO.

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Since, the VR market failed to grow at a pace that Nokia expected it to, along with rivals making cheaper alternatives, Nokia's decision appears sensible. Namely, a market retreat, impacting up to 310 employees based in Finland, the United States and the UK, which will soon be given the pink slip.

Nokia said that Nokia Technologies will sharpen its focus on digital health and accelerate the company's growth in that market.

Nokia is cutting 310 jobs as part of a restructure at its Technologies arm and is hiring two senior execs as it looks to make good on a promise to focus on the enterprise market.

"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", he added. Instead, Nokia said it will shift its focus more to health products and patent licensing.

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