us_on_facebook_miniboxesFacebook has entered the realm of online streaming video with an announcement that they are offering Facebook Pages the ability to broadcast live video via Ustream. Facebook first demonstrated this “Live Stream” technology during some recent Jonas Brothers concerts but today’s announcement represents a real step forward for both Facebook and Ustream.

Unfortunately, Livestream isn’t available to everyone yet. Artist and content producers can apply to have the feature enabled by visiting Ustream.tv/facebooklive/apply. The free version of this player is ad supported but you can obtain the “white label” version for a mere $15,0000.

Perhaps the biggest winner in this venture is Ustream. While it is safe to say

most internet users are aware of YouTube, other video and video streaming sites go unnoticed by the vast majority. This visibility for Ustream will most certainly usher in video streaming to the masses and solidify Ustream as the premier streaming provider.

Facebook is also showing that it is still finding innovative ways to integrate content into their platform. Perhaps video stream embedding isn’t exactly innovative but integrating it with a ubiquitous social network certainly opens up a larger platform for content producers and more importantly offers Facebook another potential high margin revenue stream.

It’s a real win-win for Facebook, Ustream, and the Facebook community. I just wonder if I’ll be able to share the broadcast outside of Facebook. If Facebook diverted from its walled garden mentality, now that would be innovative.

For more information, read the Facebook announcement, visit the Ustream on Facebook FAQ, and apply for Livestream account because the world will soon be watching… on Facebook.