Public speaking anxiety (PSA) is a prevalent condition which is highly interrelated with social anxiety. PSA can be effectively treated with exposure therapy. Virtual reality exposure therapy (VRET) is increasingly being explored as a novel and cost-effective mode of treatment. No previous randomized controlled trial has examined whether stand-alone 360 degrees video VRET is an effective intervention for treating PSA and interrelated disorder relevant fears. Further, studies have not explored whether 360 degrees video content influences VRET outcomes. Participants with high PSA (n = 51) were randomly allocated to: 360 degrees video VRET incorporating stimuli of audiences (360 degrees Audience) (n = 17), 360 degrees video VRET incorporating stimuli of empty rooms (360 degrees Empty) (n = 16) and no treatment control (n = 18). Outcomes were measured over five time-points. Mixed ANOVA revealed a significant interaction between time and intervention group for PSA, social anxiety and fear of negative evaluation (FNE). Within-group analysis demonstrated there was a significant pre-intervention to post-intervention reduction across measures for both 360 degrees video VRET groups: PSA 360 degrees Audience (eta(2)(p) = .90, p<.001), 360 degrees Empty (eta(2)(p) = .71, p < .001); social anxiety 360 degrees Audience (eta(2)(p) = .49, p=.002), 360 degrees Empty (eta(2)(p) = .39, p = .009); FNE 360 degrees Audience (eta(2)(p) = .59, p<.001), 360 degrees Empty (eta(2)(p) = .43, p = .006). Active intervention participants showed significant improvement from pre-intervention to 10-week follow-up on all measures. Findings illustrate that 360 degrees video VRET is an efficacious way to significantly reduce PSA, social anxiety and FNE.