This paper describes the concepts and results implemented by the European FP7 Dreamspace project. Dreamspace is developing a new platform and tools for collaborative virtual production of visual effects in film and TV and new immersive experiences. The aim of the project is to enable creative professionals to combine live performances, video and computer-generated imagery in real-time. In particular the project has developed tools allowing on-set manipulation of 3D assets, live integration of video feeds from tracked cameras and live-compositing of either CGI content or background plates from panoramic video, captured by Omnidirectional video rigs. The CGI content is lit by automatically captured studio lighting using a new real-time global illumination rendering system. Furthermore, Dreamspace is investigating the use of omnidirectional video and 3D assets in new immersive user experiences.