YouTube Livestream Event refers to the feature on YouTube that allows you to create a livestreamed event and stream it to your viewers. When you want to livestream again and create a new event on YouTube, you have the option to copy your previous event. This advantageous feature allows YouTube to reuse the same streaming URL and key for the new event, while still allowing you to change the event name. By reusing the destination on TeamTV, you can seamlessly use the same settings without any modifications.