In recent years we have experienced significant changes in the way people consume multimedia content, specifically audio and video. The high penetration of broadband connectivity has provided a basis for on demand content consumption, which is noticeably replacing watching of linear TV and a steady shift from broadcast to broadband content distribution. Additionally, new content formats and devices are becoming ever more popular, providing users with larger video formats such as 4K and 8K. The advent of virtual and augmented reality solutions requires not only a higher bandwidth for content distribution, but also new content interaction modalities and presentation aspects. In this talk, we will discuss the trends, challenges and opportunities in the multimedia content domain and review the aspects of new content formats from the technological and user experience perspective.