Nokia shrinks workforce, drops virtual reality business

Nokia Technologies will continue to focus on digital health and patent and brand licensing business

Nokia Technologies will also focus on growing brand and technology licensing while leaving its successful patent licensing business untouched.

Nokia plans to stop developing its Ozo virtual reality camera, a move that will result in 310 lost jobs.

There's good news for existing OZO users, however, as Nokia promises that existing commitments will not be impacted.

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Moving forward, Nokia said it would look to focus its Technologies arm on opportunities in licensing and healthcare.

In healthcare, Nokia unveiled two new devices in June and rebranded Withings, the company it acquired a year ago. Each camera sensor in the OZO is accompanied by an omnidirectional audio sensor, which enables it to capture volumetric sound along with the 180-degree stereoscopic video. According to the official statement released by the company, the current rate of growth within the VR market which is lower than Nokia's expectation is the main reason behind the halt. Clearly things have not taken off in the way it had expected, which now also raises questions on whether the future of filmmaking does lie with VR.

However, negotiations on reducing staff numbers and costs must start the process, and so talks will soon begin in Finland.

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Nokia believes that the VR market is witnessing less than expected growth, and hence, has chose to shut down its efforts for developing the Ozo VR camera. That's a not-inconsiderable chunk of Nokia Technologies's staff, either, which now numbers around 1,090.

The news comes less than a month after Nokia said it planned to cut nearly 600 jobs in France.

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