So, um, Samsung. You guys are really digging this "Milk" branding, huh? A music service, music videos, and now a virtual reality video system, all named after bovine lactation. And you're sticking with it despite the fact that "Milk" isn't nearly as internationally marketable as, say, "Samsung Music," and in the face of a trademark suit, no less. Well OK then, more power to you I suppose. Go ahead and go forward with "Milk VR."
Despite sounding like one of those sarcastic indie Simulator games that become inexplicably popular on Steam, Milk VR is in fact an extension of the existing Milk Video service. Its aim is to bring videos to Samsung's Gear VR headset (which only works with the Galaxy Note 4) and help supplement a drought of content for virtual reality in general and the Gear VR in particular. The Milk VR videos will be watchable in 360 degrees so the user can "look" around at every angle. It's a feat best achieved with a well-oiled swivel chair.
Samsung is only announcing the Milk VR app and service today - there's nothing to show off. Videos will be streamed or downloaded, and presumably won't be available on other, similar hardware, like Google's own Cardboard or Samsung's partner Oculus.