From techcrunch.com:

Facebook is launching a new “Live Stream Box” feature which allows for Facebook Pages to offer their own live video and chat area. And Ustream will be the first to take advantage of it with Ustream on Facebook, a new service to provide live video support to select Facebook users.

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Apparently, how this will work is that on Facebook Pages there will now be a way to add a “Live” tab, which will house things such as the Ustream on Facebook feature. Previously, beyond the Jonas Brothers, Facebook has tested this with CNN and the NBA All-Star game. Here’s what Facebook has to say:

Today, Facebook is launching the Facebook Live Stream Box as a feature that any website owner or developer can use to enable Facebook users to connect, share, and post updates in real-time as they witness an event online. Websites can run the Live Stream Box next to live streaming videos of concerts, speeches, sporting events, webcasts, TV shows, presentations, or webinars. Sites can also run the Live Stream Box in multi-player games, or with any other experience where many people are visiting a website at the same time.

Now we just need an Apple-approved iPhone app that allows broadcasting via Ustream and Facebook will be overrun with live streaming video.