Nokia decided to let go the mobile phone sector and go for an Internet of Things with the purchase of Withings in 2016. It also had the Ozo VR 360-degree camera, but that is now canceled due to slower-than-expected development of the market. The company announced it's shifting focus from VR to digital health and growing brand and technology licensing.
In a statement to the media, Nokia said the plan is to reduce investments and halt development of further versions of the OZO VR camera and hardware. This will affect 310 of all 1090 employees mainly in Finland, the United States, and the United Kingdom.
The VR market surely is not as hot as Nokia might have wanted, but the lack of interest towards their device might have something to do with the price tag of $45,000 rather than a general issue.