The technology of streaming is used to deliver content on various gadgets and devices (like computers and mobile phones) over the internet. It is the transmission of data (mainly audio and video) in a continuous flow. Streaming lets the data to be availed by users almost immediately.
As opposed to download, which allows you to avail a file only when it is properly stored in your device, streaming allows you to play a file before it is downloaded completely. It is not saved on your device like the downloaded file but needs to be streamed again if you want to replay it.
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The fastest way to access Internet-based content, streaming happens in apps like Spotify and YouTube music. Other apps using streaming technology are Wynk, Apple Music, Netflix, Amazon Prime, and so on.
So streaming allows you to avail the data as you need it.
Now that we are clear with streaming, let’s come to your question.
Live streaming is just the streaming as discussed above. But this one happens in the actual time as it happens. You must have watched the live streaming of various Indian TV daily soaps on Hotstar. Various sports matches are also live streamed on different apps.
The Instagram and Facebook Live that you do are also examples of live streaming.
Live streaming is specifically for one-time events.