Free viewpoint video (FVV) is one of the new trends in the development of advanced visual media type that aims to provide a new immersive user experience and interactivity that goes beyond higher image quality (HD/4K TV) and higher realism (3D TV). Potential applications include interactive personal visualization and free viewpoint navigation. The goal of this paper is to provide an overview of the FVV system and some target application scenarios. Associated standardization activities and technological barriers to overcome are also described. This paper is organized as follows: a general description of the FVV system and functionalities is given in Section I. Since an FVV system is composed of a chain of processing modules, an in-depth functional description of each module is provided in Section II. Examples of emerging FVV applications and use cases are given in Section III. A summary of technical challenges to overcome for wider usage and market penetration of FVV is given in Section IV.