Panoramic video arises at the convergence of TV and virtual reality, and it is necessary to understand how these technologies interact to affect user experience in order to produce useful content. TV and film makers have developed a sophisticated language and set of techniques to achieve directed linear story telling on fixed screens, whereas virtual worlds more often emphasise user led exploration of possibly non-linear narrative and aspects such as presence and immersion in navigable 3D environments. This study focused on the user experience of panoramic video as viewed over two conditions, on a VR headset and using a handheld phone, and compared this to watching on a static screen thus emphasising the differences between traditional and panoramic TV. A qualitative approach to analysis was taken where users participated in semi-structured interviews. A thematic analysis was performed which produced thematic maps describing user experience for each condition. A detailed and nuanced account of emerging themes is given. Subsequently, key themes were identified and graphed to produce user response profiles to the three viewing conditions that highlight differences in user experience in terms of presence, attention, engagement, concentration on story, certainty, comfort and social eas