We present a novel approach to free-viewpoint video. Our main contribution is the formulation of a hybrid approach between image morphing and depth-image based rendering. When rendering the scene from novel viewpoints, we use both dense pixel correspondences between image pairs as well as an underlying, view-dependent geometrical model. Our novel reconstruction scheme iteratively refines geometric and correspondence information. By combining the strengths of both depth and correspondence estimation, our approach enables free-viewpoint video also for challenging scenes as well as for recordings that may violate typical constraints in multiview reconstruction. For example, our method is robust against inaccurate camera calibration, asynchronous capture, and imprecise depth reconstruction. Rendering results for different scenes and applications demonstrate the versatility and robustness of our approach.Index Terms-Depth reconstruction, free-viewpoint video, multiview data, optical flow, view interpolation.