NEWS – OPINION
Nokia Cuts 28% of Workforce (310 employees) and Blames it on Virtual Reality (VR)
Over two years ago Nokia announced development on a new virtual reality camera called Ozo.
In digital media, the slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities. The unit aims to halt development of further versions of the OZO VR camera and hardware, while maintaining commitments to existing customers. The potential reductions are expected to affect up to 310 of the roughly 1090 employees in Nokia Technologies, mainly in Finland, the US and the UK. To start the process, Nokia today has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations.
“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,”– Gregory Lee, President of Nokia Technologies
Check back on this page frequently for updates and additions.
We’ve seen a tremendous amount of disruptive change coming from the Virtual Reality Industry. It is surely certain that this kind of content will accelerate based on trends in the future.
You most likely have some other VR ideas that can change the world! Share them with us on social media!