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Ricoh's new, upgraded Theta S camera will be launched next month with a better quality 360° photo capability and a more convenient size.

Ricoh launched its small, stick-shaped 360° Theta camera in 2013. It can take spherical photos and videos. However, it provides lower resolution images. The new Theta S camera, which will be launched November will have better quality images. It will have smartphones' f2,0 lens, providing improved light and less noise, according to Engadget.

The device will be offered at $349.99, which makes it the first ever 360° consumer priced cameras.

"It has a six-way accelerometer and compass," said Jim Malcom, the president of Ricoh Imaging in America. LA Times reports that the company is known for selling projectors and printers. After acquiring Pentax in 2011, it now offers film and digital cameras.

"So not only do we know data from the location of the camera, we also know orientation and direction of the camera, "said Malcom. He said the camera is consumer-friendly, as it allows the user to simply stick the camera out and push a button to let it capture everything.

If the elaborate $15,000 360-degree GoPro Array is considered to be on the edge of cutting edge of video technology, the Theta S camera is in a further edge of that as it caters to the ordinary consumer.

According to Gizmodo, the new camera shoots at 14 megapixel images. It can record up to 1920 x 1080 videos for a maximum of 29 minutes. It has a 1/2.3-inch sensor, making it slightly bigger than the imaging chip of its predecessor. Ultimately, it offers far better quality images.

Its WiFi module also makes it easier and faster for people to transfer videos and images. It has a black rubber coating to make it easier for users to get a grip on the device.

There have been talks of 360 cameras for a long time now, but it is Ricoh that brings this concept into a reality for the ordinary consumers.