Nokia enters virtual reality space with Ozo camera

Finland's Nokia, once the world's largest phone maker, has unveiled a spherical camera designed for making 3D movies and games that can be watched and played with virtual reality headsets. 

The device, showcased at an event in Los Angeles, takes video and audio in 360 degrees with eight sensors and microphones, and is the first from Nokia's digital media solutions business -- one of its new focuses for future growth. 

Nokia is going through restructuring after selling its mobile phone business to Microsoft last year and following that up with a proposed 15.6 billion euro ($17.2 billion) acquisition of Alcatel-Lucent, which is set to boost its main network equipment business. 

"We expect that virtual reality experiences will soon radically enhance the way people communicate and connect to stories, entertainment, world events and each other," Nokia executive Ramzi Haidamus said in a statement. 

In May, GoPro introduced a similar system using 16 cameras and Google's software, while several other technology companies such as Facebook and Samsung have announced different plans to enter the virtual reality market. 

Nokia is also planning to come back to the phone business by designing and licensing handsets once its deal with Microsoft allows it to do that late next year. 

The company, due to report quarterly results on Thursday, is also looking to sell its navigation business HERE.