This document discusses the challenges and opportunities of virtual reality (VR) technology. It begins by defining various types of immersive media experiences like VR, augmented reality, mixed reality, and 360-degree video. It then provides a brief history of VR technology and discusses how recent developments in consumer headsets from companies like Oculus, HTC, and PlayStation have driven a resurgence in VR. However, the document notes there are still technical, creative, and production challenges to creating high-quality VR content and experiences at scale. These include issues with latency, focus/vergence, motion parallax, bandwidth requirements, and developing norms around VR content creation. Overall, the document provides an overview of VR and outlines both its potential