Ricoh Theta posted a detailed interview with its engineers discussing spatial audio capabilities of the 4K Theta (which is probably called the Theta V).
In this interview, Ricoh Theta audio engineers Mr. Atsushi Mastuura and Mr. Takafumi Okuma discuss the upcoming Theta V’s spatial audio capabilities. Spatial audio means sound that appears to come from all directions not just left or right, but also up and down, forward and backward, plus depth. It is based on a technology called Ambisonics.
Ricoh considered adding spatial audio even to the original Theta, but because of the limited video resolution and the limited processing power, it was impractical for previous versions of the Theta. The Theta V however, does have high resolution and ample processing power from a high performance smartphone processor (which may be the Snapdragon 625).
Mr. Mastuura and Mr. Okuma discussed how difficult spatial audio used to be in terms of hardware and software requirements. But now, the Theta V puts spatial audio capture into the hands of consumers.
They suggest using headphones or earphones for playback.
Here is the original interview in Japanese. Check out the full interview translated by Jesse Casman at Theta Unofficial Guide here! Thank you very much to Jesse and to Upton North for bringing this to my attention!