An exemplary virtual reality media provider system (“system”) includes a configuration of synchronous video and depth capture devices disposed at fixed positions at a real-world event. In real time, the video and depth capture devices capture two-dimensional video data and depth data for surfaces of objects at the real-world event. The system generates a real-time volumetric data stream representative of a dynamic volumetric model of the surfaces of the objects at the real-world event in real time based on the captured two-dimensional video data and captured depth data. The dynamic volumetric model of the surfaces of the objects at the real-world event is configured to be used to generate virtual reality media content representative of the real-world event as experienced from a dynamically selectable viewpoint corresponding to an arbitrary location at the real-world event and selected by a user experiencing the real-world event using a media player device.