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Friday, April 19, 2024

Nokia Reveals New Brand Identity

Finnish telecom giant Nokia announced on Sunday that it will be changing its brand identity, including redesigning its logo. The new logo features the word NOKIA in five different shapes, signalling that Nokia, which sold its mobile phone business to Microsoft in 2014, will no longer produce mobile phones.

Nokia’s New Direction

Nokia CEO Pekka Lundmark tweeted that the new logo signifies the company’s ambition to utilize the exponential potential of networks and drive digitalization across all industries. The move away from mobile phones is part of the company’s new direction, which Lundmark outlined in a three-stage strategy: reset, accelerate, and scale. With the reset stage completed, the company will focus on accelerating its growth and scaling its operations.

Nokia’s new direction will centre on selling gear to other businesses, rather than its traditional service provider business, where it sells equipment to telecom companies. This shift is due to the company’s desire to be in businesses where it can achieve global leadership, according to Lundmark.

Opportunities in 5G

The ban on 5G devices made by Chinese rival Huawei in many countries due to concerns over security has opened up opportunities for Nokia. The company’s primary source of revenue is the sale of networking equipment and the licensing of several mobile manufacturing patents.

Partnerships with Technology Firms

Major technology firms have partnered with telecom gear makers like Nokia to sell private 5G networks and gears for automated factories to customers, primarily in the manufacturing sector. As a result, Nokia plans to review the growth path of its different businesses and consider alternatives, including divestment.

The redesign of Nokia’s brand identity is a significant step for the company, signalling its transition from mobile phones to networking equipment and patent licensing. The move away from mobile phones comes as Nokia seeks to achieve global leadership in businesses where it can be a major player.

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