I have been waiting for this for a long time. This sounds great.
Youtube started rolling out live platform (beta) that allows YouTube partners with accounts in good standing to stream live videos. If you are interested in learning more about the livestream experience you can check directly with youtube.
http://youtube-global.blogspot.com/2011/04/youtube-is-going-live.html
www.youtube.com/live has some videos that are live streaming.
It would have been nice if show times were shown in users local time.
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