With the ever-growing popularity of apps like Periscope and Youtube livestreams, it was only a matter of time before Facebook jumped on the wagon. Ultimately, it's a very smart move - Facebook is the most popular social media platform in the world and with the latest #RIPTwitter scandal, it looks to remain that way. With the option to keep your following updated with statuses, live video is the next step and will definitely appeal to the many audiences Facebook draws.
This function is only available in the US at the moment, but it'll probably head over the pond soon.
Facebook has announced it is rolling out livestream video. Anyone with an iPhone can broadcast a live video to their timeline. “Today, we’re excited to expand the ability to share live video to everyone in the U.S. via iPhone, and we plan to start rolling this out to the rest of the world over the coming weeks.” (Facebook Newsroom) Currently, this new feature is only available to iPhone users with the Facebook app on their phone. Users can broadcast their own live video as well as seeing live and recorded videos from their friends and other public figures/celebrities and verified Business Pages that they follow right in their news feed. While viewing the video users can Subscribe to be notified the next time that broadcaster goes live.