Streaming live video on the web is nothing new. Since late 2006, at least a dozen websites have sprung up allowing users to broadcast themselves in real time – including the recently launched Yahoo Live – all while dealing with substantial bandwidth costs and seeing little to no money coming in.

Well, those trying to figure out the streaming business now have something new to worry about, as YouTube’s co-founder Steve Chen just confirmed the video behemoth plans to start its own live streaming service later this year. And with their huge user base, live video streamers will likely flock to YouTube in no time.

This is a huge blow to everyone in this space including BlogTV, Livevideo, Stickam, and JustinTV who may be hoping a bigger player with deep pockets snaps them up for their for their audience, their technology, or both.