After struggling to make a successful comeback in the smartphone industry, electronics manufacturer Nokia has shifted its attention to a new, emerging technological trend.

According to the Sentinel Republic, the company held an event on July 28 in Los Angeles to officially unveil the Ozo, a virtual reality camera that's capable of taking 360-degree shots.

As explained by Nokia during the presentation, the Ozo is a spherical device that contains eight sensors and microphones, enabling it to capture sound and images from its surroundings. When combined with virtual reality technology, the Ozo camera can be used to create films and even video games that offer a truly immersive experience.

However, according to Nokia, the company currently has no plans to market its latest virtual reality camera to ordinary consumers. Instead, the Finland-based firm wants to partner with film makers, studios and other professional content creators for the use and promotion of Ozo.

"We're thrilled to introduce Ozo to the content creation world, and to define a completely new category of virtual reality capture and playback solutions," Ramzi Haidamus, president of Nokia Technologies said in a press release.

"Ozo aims to advance the next wave of innovation in VR by putting powerful tools in the hands of professionals who will create amazing experiences for people around the world," the executive continued.

To further promote the Ozo, Nokia has enlisted the help of various companies including the start-up virtual reality filmmaking studio Side Trip, the Daily Times Gazette reported. Nokia also made the same partnership with VR production firm Jaunt Inc. Through the partnerships, these studios were given the opportunity to use the Ozo for their projects.

During the launch event, Jaunt Inc. even presented a short film about a disastrous wedding using Nokia's virtual reality camera, according to Dispatch Times.

The company did not mention the exact release date for the Ozo but said that it is targeting to ship out the device during the fourth quarter of 2015. It will also announce the device's full specs within the next few months.