Immersify, which is a research project financed by the European Commission in Horizon 2020, develops key tools for allowing the next generation of immersive media applications and interactive content. The research focuses on advanced video compression tailored for the need for VR video. This HEVC compression with necessary extensions makes possible to deliver and display the huge files that will appear as a result of increased resolution, frame rate, color gamut, dynamic range and better image formats. Advanced video codecs need to be optimized and customized for VR applications and content. The goal of the project is to integrate the technologies required for making high-quality live events with VR video, which requires the integration of real-time encoders, media servers, streaming solutions, and media players. Missing technologies and applications will be developed based on the technology challenges and new devices appearing on the market.