YouTube plans to launch a live streaming service later this year, in a bid to take on internet TV services. The live channels will enable users to create live feeds of news events, entertainment and even 24-hour “lifecasts”.

The live streaming channels could also include live music, breaking news stories and other entertainment content. The long rumoured addition to the video sharing site was confirmed by YouTube co-founder Steve Chen who said live video was planned for the Google-owned site.

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