The Finnish company Nokia Technologies is apparently working on a VR product.

Nokia is set to unveil its first major virtual reality project next week at a VIP event in Los Angeles, according to sources familiar with the company’s plans.

The product to be shown next week comes from Nokia Technologies, the advanced product group left over when the Finnish company sold its phone business to Microsoft.

Source recode.net

EDIT: This is the new VR product from Nokia. It's a camera and not a new headset as many of you guessed.

too many players coming in the VR space, many will flop, only few will succeed, if any.

I can't see VR becoming popular enough to sustain all these companies. There are going to be a lots of millions lost on this tech.

why are so many companies banking on unproven tech? these may not be successful at all

they see the future is in it, last in is a very screwd.  

I used to think VR would bust but considering how fucked up humans have made this world VR might actually have a future.

It's like everyone seeing a precipice and loving the idea of jumping to the abyss.

agreed.  way too many and i'm not seeing any real standardization across platforms.  no one will buy multiple devices.  if software is fragmented across lots of devices (yay exclusives) than it will just make every device look unappealing.  it will be like the hd dvd vs blu ray wars only worse because there are like 10 players this time.

This is the new VR product from Nokia. It's a camera and not a new headset as many of you guessed.

The Ozo is a 360 degree virtual reality camera that can also record audio, all contained in a spherical ball.

The Ozo has eight cameras and eight microphones around its surface, and can enable filmmakers to create virtual reality (VR) video in real time, which can be viewed in a VR head-mounted display (HMD). Another feature Nokia has touted is the Ozo’s ability to churn out a low-resolution version of the footage in a few minutes for filmmakers to see. This process normally could take hours as the VR footage is stitched together.

Nokia has said the device should be available by the end of 2015.

This!