Smartphones at the centre but AR/VR development also of interest to both firms.
Microsoft's developing platform in MR gets initial support among other updates.
Finnish firm teams up with university for trial MR broadcast.
VR content creators can apply to Nokia's OZO Storyteller program to get a big discount on an OZO+ Camera.
Nokia OZO users will be able to use Qello for monetised content, such as pay-per-view.
Fans will get an in-depth behind-the-scenes look at the films creation.
The announcement comes ahead of NAB 2017.
Highlights from the event can be watched on the app.
Filmmaker Sam Macaroni discusses his time at Sundance, and the affect VR has had on the festival.
Youku users and content creators will be able to utilize the entire OZO VR solution.