It will continue to "maintain commitments" to OZO owners, but it's not clear exactly what that means. "Through a more focused, more agile digital health business, Nokia aims to have a larger impact with consumers and the medical community".
The news comes on the eve of the Oculus Connect VR developers conference, which opens Wednesday in San Jose. Nokia's camera is created to be used by professionals but VR today is designed for the average consumers with 360° cameras from competitors selling for a fraction of the price of the OZO+.
The Nokia Ozo VR camera launched back in 2015, the device came with a hefty price of $60,000, the company then dropped the price of the camera to $45,000.More news: Kate shows off her bump for the first time
This week, Nokia unveiled a plan whereby Nokia Technologies will focus on digital healthcare services, better exploiting its existing product range.
Since, the VR market failed to grow at a pace that Nokia expected it to, along with rivals making cheaper alternatives, Nokia's decision appears sensible.
Nokia is ditching development on virtual reality and cutting more than a quarter of its workforce. The company said it has invited employee representations from its Finland business to engage in cooperation negotiations. The Finnish company said in a statement that it would focus on patent, brand and technology licensing, and digital health as they are witnessing faster growth.
The news comes less than a month after Nokia said it planned to cut nearly 600 jobs in France.