Yesteryear brand Nokia is all set to make a comeback to the smartphone world in 2017. While there have been lots of rumors and speculations in the past about Nokia’s re-entry, this confirmation from the company itself. The Finnish giant presented its future plans in an investor deck at their Capital Markets Day Event. The plans include bringing the Nokia brand back into the smartphone market among other plans in the health as well as VR fields.
In 2016, Nokia acquired digital health firm Withings for $191 million in order to accelerate their entry in the digital health space. The firm also launched a professional Virtual Reality camera called the OZO. HMD Global a company formed in May 2016 earlier this year will be responsible to bring back Nokia branded feature phones and tablets. While these were the updates from Nokia for the current year, the firm explained its further steps as follows.
Nokia wouldn’t be manufacturing any of the smartphones but instead HMD Global would be responsible for manufacturing along with Foxconn. Nokia only owns the rights of the brand and the patents in this entire arrangement and Foxconn would be in charge of the R&D and the manufacturing of devices. Also, HMD Global has exclusive rights of the manufacturing these Nokia branded smartphones for the next 10 years. And as a requirement, the firm will also be investing a minimum of €500 million for advertisements in the first 3 years of the contract.
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The firm is expected to announce the new phones at the Mobile World Congress (MWC) 2017. Entry in the smartphone market aside, Nokia is also planning to expand its reach in Virtual Reality and the Digital Health space.