Just in time for the release of PlayStation VR, today Sony updated the PS4 Media Player to v2.50 adding 360-degree video and photos, high-resolution FLAC (Free Lossless Audio Codec) with upscaled audio / music support! 
To quote from SCEE's Gillen McAllister on the updates for audiophiles:
"If you’ve a PlayStation VR connected to your PlayStation 4, simply activate ‘VR mode’ from Media Player’s Options menu, then select your 360° video or photo from your media server or USB device. You’ll now be able to view your chosen media in full 360° thanks to the power of PlayStation VR.
(Note, to enjoy 360-degree media on PlayStation VR, 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.)
v2.50 also introduces improvements to your audio experience. Once updated, the PS4 Media Player will not only support High-Res (FLAC) audio files, but will also upscale your non-FLAC music to near high-resolution audio quality.
The latter is thanks to Sony’s DSEE HX technology. What this means is any MP3s or AACs – files whose space-saving compression strips out some of a song’s subtleties – played through your PlayStation 4 will be automatically upscaled. It means your compressed music will now sound much richer as a result. You can get a more in-depth breakdown on how the technology works here."
To quote from SCEE's Gillen McAllister on the updates for audiophiles:
"If you’ve a PlayStation VR connected to your PlayStation 4, simply activate ‘VR mode’ from Media Player’s Options menu, then select your 360° video or photo from your media server or USB device. You’ll now be able to view your chosen media in full 360° thanks to the power of PlayStation VR.
(Note, to enjoy 360-degree media on PlayStation VR, 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.)
v2.50 also introduces improvements to your audio experience. Once updated, the PS4 Media Player will not only support High-Res (FLAC) audio files, but will also upscale your non-FLAC music to near high-resolution audio quality.
The latter is thanks to Sony’s DSEE HX technology. What this means is any MP3s or AACs – files whose space-saving compression strips out some of a song’s subtleties – played through your PlayStation 4 will be automatically upscaled. It means your compressed music will now sound much richer as a result. You can get a more in-depth breakdown on how the technology works here."
