A series of cameras are set up around a location and synchronized so that they will take pictures either all at the same time, or in a sequence. These pictures are then used to "freeze time", as you can show the event from one of many angles.
See: bullet time
Ironically, though this is one of the more cutting edge techniques currently, the aim is somewhat similar to the work that arguably spawned the medium of film. In 1878 Eadweard Muybridge made a series of pictures of a horse crossing the finish line for the first photo finish. This entailed setting up a series of cameras to take many pictures, resulting in a sequence of images of the horse in motion from a number of different vantages, much as this new technique produces a series of nearly simultaneous images from different angles. Funny how things come full circle.
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