Walt Disney Co (NYSE:DIS) Strikes Partnership With Nokia Corp (ADR) (NYSE:NOK) On Virtual Reality

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Nokia Corp (ADR) (NYSE:NOK) and Walt Disney Co (NYSE:DIS) have struck a deal for the use of the OZO virtual reality camera.

Nokia launched the $60,000 professional VR camera in December 2015, and Disney is interested in the technology given the recent VR hype in the industry and the major potential impact the VR will have on film screening. Nokia released a statement on Monday announcing the multi-year deal between the two firms where they will use the OZO camera to record 360-degree views.

Nokia claims that Disney will use the camera and its software to record 360-degree shots for future Disney movies. The camera will also be used to create marketing material. The film company recently used the camera to create extras for its upcoming film, The Jungle Book. Users will require a  VR headset to experience the VR content. Some of the VR headsets that are ideal for the task include the Oculus Rift from Facebook Inc (NASDAQ:FB) or the HTC Vive.

Jamie Voris, the chief technology officer at Walt Disney Studios, stated that his firm was excited about teaming up with Nokia. He stated that the partnership will allow them to venture into the making of VR content for their film releases. He further added that VR is one of the tools that the company plans to use to engage people further into the film content. During the release of the OZO camera last year, Nokia stated that it would target film makers in Hollywood.

Ramzi Haidamussaid, the president of Nokia Technologies, released a statement that his firm was thrilled to provide the VR technology to Disney. He stated that it will help the company exploit VR and more of its capabilities in the future.

Other 360-view cameras have since then been introduced by other companies to compete in the same space as the OZO camera. GoPro Inc (NASDAQ:GPRO) and Facebook Inc (NASDAQ:FB) have also introduced such cameras, but Facebook claims that its 360-degree view camera will not be available for sale. However, it will provide free blueprints for those looking to create their own devices at a more convenient cost.

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