Facebook's video business is booming, and a new report reveals how the social network plans to expand beyond the News Feed. According to The Wall Street Journal, the company is prepping a standalone app with a focus on 360-degree videos.

Facebook CEO Mark Zuckerberg previously promised that spherical videos would be coming to the News Feed, so we know the feature is important. This new app would turn those videos into a separate experience where you tilt the phone to explore an entire virtual world. It's apparently still in early development, but may eventually launch on both iOS and Android. Google offers a similar experience on YouTube.

The company is also gearing up to make a big push into virtual reality next year through Oculus Rift. The firm's first commercial VR headset is set to launch in Q1 2016. It's unclear how much of Facebook (if any) will be available through the device, though a 360-degree video app seems like an obvious winner.