As for what footage we will see, Sky is committed to creating 20 pieces this year, with the F1 footage being the first part of this batch. The footage will be available from Friday on YouTube 360, the Oculus Rift Store and Facebook's 360 Video platform.
Sky will eventually look into creating its own app for this footage and is already looking at how it can take advantage of filming live in VR. Sky is also hoping to offer more footage than it has promised but Graham is realistic about how much they can do.
"One of the things we have found that virtual reality content usually takes longer to create," he said. "We are always trying to improve and will be working with colleagues in Italy and Germany as well - we will be deploying resources and take our kit out to support them with VR expertise.
"We want to hit the key moments: short-form documentaries on sports, key sporting events, movie events. One of the things we are looking at is a climate change documentary with Sky News.
"We are also working with Sky Arts. This area is great in VR as TV actors feel like they have come back to the theatre."
Is this just another 3D fad?
Sky has always been forward thinking with new viewing technologies. It was the first to bring HD to the masses and was a big backer of 3D, giving the technology its own dedicated channel.
With television manufacturers starting to turn off their 3D capabilities and Sky no longer making big noises about its service, however, the broadcaster will be hoping that VR doesn't go the same way.
Graham is insistent that VR is a completely different experience to 3D.
"I worked on 3D with Sky, we did a documentary with James Cameron," said Graham. "But I never watched a 3D programme that got me engaged as VR. With the music and the ability to transport to somewhere different, it means that you are more immersed.
"You weren't transported with 3D, you don't have that extra feeling that VR gives you."
