Cinematic Virtual Reality (CVR), or 360° video, engages users in immersive viewing experiences. However, as users watch one part of the 360° view, they will necessarily miss out on events happening in other parts of the sphere. Consequently, fear of missing out (FOMO) is unavoidable. However, users can also experience the joy of missing out (JOMO). In a repeated measures, mixed methods design, we examined the fear and joy of missing out (FOMO and JOMO) and sense of presence in two repeat viewings of a 360° film using a head-mounted display. We found that users experienced both FOMO and JOMO. FOMO was caused by the users’ awareness of parallel events in the spherical view, but users also experienced JOMO. FOMO did not compromise viewers’ sense of presence, and FOMO also decreased in the second viewing session, while JOMO remained constant. The findings suggest that FOMO and JOMO can be two integral qualities in an immersive video viewing experience and that FOMO may not be as negative a factor as previously thought.