The first one is certainly way cheaper, though it does not mean it is bad or inferior. A 360-degree video is a perfect way to create immersive experiences out from any event or location in the world. It requires certain equipment, though.
For basics, you’d need a spherical camera with 360-degree lens and tripods (plus Steadicams). Using a drone is also a viable option. For post-production, you will need special editing software, Videostitch for example, to bring all the footage in one piece and ensure high quality of visuals.
Just like any other video, your footage must be entertaining in the first place. You shouldn’t be afraid to experiment, use multiple entry points and bold angles. Also, bear in mind that you’re creating content for viewers that have different levels of familiarity with VR. Also don’t forget about clear instructions, choices, and hints for navigation.
Make sure that your VR content looks good on every device possible: desktops, smartphones, tablets, headsets. Viewing 360-degree images on a computer with a mouse must be as smooth as moving or sliding a tablet for the same purpose, and vice versa.
An element of surprise always works extremely well in VR. Surprise, wonder, scare…extract real emotions. Note: just don’t go too far with scaring techniques not to turn it all into an unpleasant experience. A proper and simple example – a scene where you’re going through a long semi-dark corridor, and a ghost suddenly appears for few seconds and disappears before your face.
One of the footage shooting techniques, acceleration of camera movement, will make any 360-video more exciting. And again, don’t over-do the speed limit and acceleration time. No one wants to see “fast and furious” camera the entire time. Speeding up during a short segment of a chase would be good enough.
This is probably the best way to tease viewers. Get the object very close to them urging to touch it. They will surely try to do so and won’t be disappointed even after failing to grab a nonexistent thing. On the contrary, such mind games are pure fun. For this trick, it is advised to go with the stereoscopic technology, though this effect can be achieved with monoscopic as well.