FB Live Video itself will be a killer app. It’ll be addicting to scroll through your News Feed and watch what friends are doing in real time. If Facebook’s mission really is connecting people, specifically friends, then this is a wonderful evolution.
Facebook’s social graph solves the live video discovery problem a lot neater than others, which will yield higher impressions & time spent. (Doesn’t mean the content on Periscope can’t be more viral or impactful in aggregate, but there’s no rich discovery engine to encourage binging, and consumers’ time is the most valuable currency.)
Unless VR proliferation and integration (Oculus Rift) arrive sooner than anyone expects, users will want a void filled in the FB Live Video UX: in-kind synchronous conversation. I’m sure users will be able to comment asynchronously in text on Live Videos, but there will be a burning desire to barge-in on friends’ videos and converse via video chat. The market will probably pull this feature out of the product; big question is whether FB itself or a 3rd party will build it first.
Live video feels like a natural progression from text posts > pictures > videos > live video > augmented reality > virtual reality. VR is Zuckerberg’s ultimate, and this is just the next stop en route.