The current second wave of Virtual Reality (VR) initiated after the advent of the Oculus Rift in 2012 has led to millions of head-mounted displays (HMDs) being sold worldwide and to a vast and varied amount of content being produced. In addition, as it happened with the VR's first wave a few decades ago, an exciting body of research has emerged. During both such waves, much of such research has described VR's pivotal terminology ambiguously, which among other things has led to a lack of agreement on the nomenclature of VR content types. This paper proposes to consider VR as a medium with its own set of core elements, shedding light on its specificities. The text offers a taxonomy of VR content types taking into consideration such core elements and in particular, the concept of embodied interactivity, proposing possible directions to further advance the medium.