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Nokia exits the VR market

Hello, everyone! In recent years, Virtual Reality is one of the most popular new technologies. However, the Finnish information and communications technology company Nokia says it will stop development of its OZO virtual reality camera and lay off 310 jobs in Finland, the US, and the UK. The company currently employs around 1,090 people in its technology apartment, so the job cuts mean it will lose close to a third of its workforce in Nokia Technologies. Nokia announced the OZO camera system only two years ago and it’s positioned as a high-end option for filmmakers to capture 360-degree video. The camera originally sold for $60,000, but the price was finally reduced to $45,000. Virtual reality was once seen as the dominant force in the future industrial technology, and many large companies are expanding their business in this area, including Facebook and Google Inc. While the Nokia’s decision shows the development of the VR market might be slower than expected. So, will Nokia’s exit affect the future development of VR market? And what are reasons hinder the development of this market?


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