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Microsoft has confirmed that the Windows Phone Denim update will begin to roll out for all Lumia devices in early January 2015



From Techradar:
The update will continue to arrive in smaller waves for select devices before then, and its wider release is dependent on partner testing and approvals, Microsoft's Adam Fraser wrote in a Lumia blog post.The update brings new camera features like moment capture, a 24fps 4K capture mode that saves individual frames as photos, and rich capture, which puts advanced settings on autopilot - among other improvements.
  Windows Phone 8.1 Denim update arriving to all Lumias in January