Update 24 June: Originally, rumours suggested that YouTube would launch a separate app called 'Connect' for live streaming from mobile. We didn't believe them, stating in this very article back in April that "it doesn’t make much sense to release a separate app when Google could simply add a Live option within the main YouTube app." And that's exactly what YouTube has announced today at VidCon.
Google already offers live streaming (and has done since 2011) from its Creator Studio dashboard in YouTube, and also via Google Hangouts On Air (which uses YouTube or Google+). Now, the search giant is about to release an update to its mobile app to compete with Periscope, Meerkat and others. YouTube's Kurt Wilms wrote in a blog post that "YouTube mobile live streaming will be baked right into the core YouTube mobile app. You won’t need to open anything else, just hit the big red capture button right there in the corner, take or select a photo to use as a thumbnail, and you can broadcast live to your fans and chat in near real time."
YouTube live streaming features
The updated YouTube app will offer similar features to its rivals. That means you’ll be able to see who’s watching your live broadcast and where they’re located. Viewers will be able to comment and, presumably, allow them to watch replays of the broadcast after it finishes.
The blog post states, "Because it’s built right into the YouTube app, mobile live streaming will have all the features your regular videos have—you’ll be able to search for them, find them through recommendations and playlists and protect them from unauthorized uses. And since it uses YouTube’s peerless infrastructure, it’ll be faster and more reliable than anything else out there."
We'll update this article again when there's more information, or when the live streaming update is released.
See also: What is YouTube Music Key?