Sony Corp (NYSE:SNE), Nokia Corp (NYSE:NOK) Collaborate To Bolster Virtual Reality Prospects

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Sony Corp (NYSE:SNE), Nokia Corp (NYSE:NOK) Collaborate To Bolster Virtual Reality Prospects
A logo of Japan's Sony Corporation is displayed at its headquarters in Tokyo on May 14, 2014. Sony on May 14 booked a 1.26 billion USD annual loss and warned of another shortfall this year, blaming costs tied to its exit from the personal computer business as it undergoes a painful restructuring. AFP PHOTO / KAZUHIRO NOGI (Photo credit should read KAZUHIRO NOGI/AFP/Getty Images)

Sony Corp (NYSE:SNE) has sought to bolster its prospects on the distribution of virtual reality content by teaming up with Nokia Corp (NYSE:NOK). With the partnership, the Japanese company hopes to make inroads in the production and distribution of virtual reality content, seen as an area with immense opportunities for growth.

Sony-Nokia Partnership

Sony will now be able to use Nokia’s OZO virtual reality camera to produce VR content that fans who cannot attend Sony Pictures events can be able to watch in the comfort of their homes.  Live streaming of 360-degree events should also come into being as a result of the agreement.

“Partnerships with cutting-edge technology companies like Nokia are critical as we develop the market for VR experiences and build scale in our production and distribution efforts,” said Pete Wood, the SVP of home entertainment digital sales at Sony.

Sony has also confirmed that the OZO player will be integrated into the Sony app as part of an effort that seeks to provide developer’s an easy way of coming up with VR apps and experiences for other platforms. The Company is also planning to make OZO playback available on Privilege Plus content.

The partnership also provides Nokia with yet another avenue to display the capabilities of its OZO virtual reality camera unveiled last year. With a price tag of $60,000, very few people are able to buy it even though it is an upgrade of Samsung’s Gear 360.

Push for Immersive Content

Sony Pictures is hoping to use the partnership to come up with more 360-degree videos as people continue to demand more immersive content. In addition to the Nokia deal, the company has also collaborated with Reality One as it continues to explore new ways of coming up with VR content.

Virtual reality is slowly changing how people communicate while also enhancing how they get to experience content.

Nokia stock was down by 3.94% in Tuesday trading session, consequently closing the day at lows of $4.14 a share.  Sony stock was also down by 1.27% settling at lows of $29.61 a share.