OK, it's not the biggest of news. There's whispers all around about the availability of that YouTube Live Stream going around, but it's merely an API for a mobile app. YouTube announced this development at the Game Developers Conference in San Francisco for partners and non-profits that already have live events enabled on their channel. This means it's still not generally available to everyone, it's just some improvements to the mobile/tablet experience when you upload live events from those devices, namely the bitrate and transcoding issue in an effort to save bandwidth.
The Rumblings for Widespread YouTube Live Stream Are Just That: Rumblings
For those of you who do have live streaming available on your channel, here's Bern Rexer describing it on the YouTube Live Streaming blog:
As I mentioned some specifics in a previous post - there are considerable benefits of using the new platform. Especially with how YouTube utilizes transcoding. Instead of streaming up to four separate bit rates to the media servers - YouTube now allows a single ingest stream of one higher bitrate, up to 6Mbps - 1080p, which it will then transcodes to lower bitrates including to mobile devices. Overall this saves you upload bandwidth and encoding CPU.
Why this was announced at a Game Developers Conference is that the streaming of live video game play has become a huge thing, and game developers merely need to include a code in the game to make live streaming easier. Now that the bandwidth issue is being addressed, YouTube live streaming of games becomes more manageable.
As Josh Lowenstein at CNET puts it:
In practice, this means game developers can add some code into their existing games, then publish gameplay live from a smartphone or tablet.
This is one of the many wishes we listed in the YouTube Wish List, and we're sure that soon it will be available to a lot more people. For now, it's not.