Nokia Kills its VR Camera Efforts

Nokia Kills its VR Camera Efforts

Nokia (NYSE: NOK) recently announced the discontinuation of Ozo, the high-end spherical VR camera that it launched just two years ago. The 360-degree camera was equipped with eight cameras, weighed six pounds, and was roughly the size of a cantaloupe. It initially cost $60,000, but the price was eventually reduced to $45,000.

Nokia stated that it would "maintain commitments" with existing Ozo customers like Disney (NYSE: DIS), which signed a multi-year VR filmmaking deal with the company last year. However, the Ozo wouldn't be sold to any new customers due to the slower-than-expected growth of the virtual reality market.

Nokia's Ozo camera. Image source: Nokia.

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Source: Fool.com