YouTube Live Events are a good way to promote your channel on YouTube and engage with your viewers. A Live Event Can help you personalize and humanize the brand. If you are creating news around new launch or looking at an engaging audiences with your existing programs, YouTube can help you in showcasing live events and connecting with audiences worldwide.

A similar Live Streaming feature is available on Snapchat where users can add and contribute to one collective narrative known as ‘Our Story’ by uploading unique pictures and videos. Anyone with the Snapchat app is able to download and watch a live stream of the event.

Here are some Best practices shared by YouTube that have been found to work successfully for Live events.

Schedule your event at least 48 hours before going live.
When creating the Live Event ID, select InVideo Programming in the Event Settings tab. This will feature the Public live event across all your channel videos.
Link your Google+, Facebook and Twitter accounts to your channel by going to My Channel, clicking the “Edit links” button next to the channel art section.
From the Basic Info tab, create a custom post for your subscribers and social media sites. The message will post alongside the event link, when the Public event is set live.
Allow embedding on Advanced Settings tab, so others can distribute for you. Use the embed URL to display the event on your website. Send the links to blogs which may want to display your content.
Create a Google + event and invite your circles to view the live stream. The event link can be added under the Advanced Settings.
Direct users to youtube.com/user/[channelname]/live.  If, for any reason, you need to create a new live event ID, this link will load the most recently started event without affecting your marketing.
Create a Live Section to display upcoming and live events on your channel.
Associate your channel with your website under Account Settings →Channel Settings → Advanced → Associated Website. This will help us improve the quality of our search results and verify your channel as the official representation of your brand on YouTube.
Apply optimization techniques to your channel and videos.
Create a channel trailer or teaser video to promote the event.

Read More on YouTube Blog.