An apparatus, system, and method are described for providing real-time capture, processing, and distribution of panoramic virtual reality (VR) content of a live event. One or more triggering events are identified and used to generate graphics and/or audio on client VR devices. For example, one embodiment of a method comprises: capturing video of an event at an event venue with a plurality of cameras to produce a corresponding plurality of video streams; generating a virtual reality (VR) stream based on the plurality of video streams; transmitting the VR stream to a plurality of client VR devices, wherein the client VR devices are to render VR environments based on the VR stream; detecting a triggering event during the event; and transmitting an indication of the triggering event to the plurality of client VR devices, wherein a first client VR device is to generate first event-based graphics and/or first event-based audio in accordance with the indication.