Facebook's built-in Live Video feature is designed to compete with live streaming services like Periscope and Meerkat, which allow people to share in-the-moment video through iOS apps. Live Video on Facebook can be used to share streaming video with friends and family members directly in their Facebook news feeds.
Sharing Live Video can be done by tapping on the Update Status button on an iPhone and then choosing the Live Video icon. Live Video can be limited to a select audience of Facebook friends, and it can be accompanied by a text status update. While streaming, it includes information such as the number of live viewers, the name of friends who are viewing the stream, and real-time comments. Completed Live Videos remain visible in a user's Timeline.
Facebook for iOS can be downloaded from the App Store for free. [Direct Link]