A live event in the context of livestreaming refers to a specific occasion, such as a sports game, concert, conference, or performance, that is being streamed in real-time to an audience. It allows viewers to experience the event as it happens, even if they cannot be physically present at the location. To set up a live event, the livestream source needs to provide the necessary streaming URL and streaming key to connect with the streaming platform. Live events can be scheduled in advance or initiated spontaneously, depending on the nature of the event and the livestreaming requirements.