Firing up the PlayStation 4 media player will initiate a new update that brings a couple of new features. If you have a PlayStation VR then you will find 360° video and photo support, simply select ‘VR mode’ from Media Player’s Options menu. Any supported video – MKV, AVI, MP4, MPEG2 PS , MPEG2 TS, AVCHD – or photo – JPEG, BMP, PNG – files must be captured in equirectangular format by a 360-degree omnidirectional camera.
Those without the fancy new hardware will also get something new as the update also includes support for High-Res (FLAC) audio files and Sony’s DSEE HX technology. That’s a new fangled thingy that will upgrade your MP3s to something nearer FLAC quality
Source: PS Blog