Nokia is abandoning its €23,500 VR camera and cutting 310 jobs (NOK)

Nokia Ozo virtual reality VR camera

Nokia announced on Tuesday that it is halting production on its €23,500 (£21,000) virtual reality (VR) camera, OZO, which it hailed as the world's best 360 VR camera.

The OZO ball boasts eight cameras and microphones that capture footage and for VR experiences. The experiences are delivered through VR headsets like the HTC Vive or Oculus Rift.

Nokia launched the professional product in 2015, but VR hasn't taken off in the way Nokia hoped it would. The company said the VR market's development had turned out to be "slower than expected".

Nokia said it plans to cut 310 jobs from its Nokia Technologies division, mainly in Finland, the US, and the UK. The division, which focuses on research and development (R&D), employs approximately 1,090 staff.

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

"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 Gregory Lee, president of Nokia Technologies, in a statement.

"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."

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