Facebook rolled out a host of new functions last week, the most prominent being an updated version of “Live.”

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The new Facebook Live allows users to watch videos even after they are no longer live streaming, and has opened up the door for businesses to utilize “Live” by incorporating live stream capabilities into groups. Currently, only mobile Android and iOS users can use the live stream functions.

By opening the human icon in the update status bar, users can prep for shooting live video. In this stage, the user chooses with whom he wants to share his live video — all of his friends, a select number of his friends, or just himself.

Once the user has begun live streaming, other Facebook users can comment on the video in real time. The new edition of “Live” also allows viewers to comment on live videos shortly after they have finished streaming. Comments appear in chronological order, as to avoid potential confusion between what was posted live and what was not.

The new version of “Live” also allows users to make groups for specified live streams. Businesses should capitalize on this function as an opportunity to more effectively live stream events. Like a live tweeted event, a live steamed event lets those not present catch the highlights and virtually experience the event. Since Facebook is the largest and most accessible social network, live streaming through the site would be the most effective way to reach the largest number of people connected with an event.

Facebook Live could also be a huge payout for advertisers. The new set-up looks a lot like Snapchat, which has sponsored stories. It is not unlikely that Facebook will implement similar advertisements in the new version of “Live.”

Sourcing via Business Insider.