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VR Surround 'Video' Format?

Level 3
I'm wondering if anyone is working on a VR 'Video' format, to clarify this would not be a projection onto 2D space but a projection onto 3D space with enough resolution and 360 degrees coverage to allow someone with a VR HMD to look around as the 'video' plays.

Also what would be the best way to store a fixed stereoscopic cameras 3D surroundings? Would two 360 IMAX style video projection spheres be enough to provide the illusion or would a 3D voxel or mesh based information also be needed.

Then there is the issue of how to capture the footage and ensure that it provides an immersive experience.

The objective would be a streamable format that plays like a video but allows the viewer to be immersed with complete freedom of head movement from a 'static' location.

So wondering who is working on this and what movie would you like to see made in a 'Surround VR' format?

VR Surround could also be a great way to provide Trailers or Demos of VR games/experiences that get around the 2D projection problem, although a VR Surround format could also be played in flat mode.