is going to offer a lifecasting service to compete with video streaming services like Ustream.tv and Justin.tv .... Live is "social TV" which allows folks to create their own social broadcasting experience: Start by broadcasting yourself from your webcam, invite your friends to chat with you, they'll go live with you, and you're all on candid camera!

Valleywag points us to news that Yahoo! is going to offer a lifecasting service to compete with video streaming services like Ustream.tv and Justin.tv. An internal memo at Yahoo! suggests that Yahoo! Live is “social TV” which allows folks to create their own social broadcasting experience:

Start by broadcasting yourself from your webcam, invite your friends to chat with you, they’ll go live with you, and you’re all on candid camera!

The service is scheduled for release in early February.

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