YouTube co-founder and Chief Technology Officer, Steve Chen, told Sarah Meyers of Pop17.com against a question, “When are you guys gonna do live video on YouTube?”, that the video sharing giant will be jumping into the live video streaming market later this year.

“We’ll do it this year. Live video is something we’ve always wanted to do but haven’t had the resources to do it correctly, but now with Google we hope to launch something this year,” said Chen.

The same technology could be employed in additional services for, let’s say, Google Apps or perhaps adding online video chat to gTalk.

So it’s the time for most of the smaller video streaming sites like:

BlogTV, Livevideo, Stickam, and JustinTV to get some real technology muscle behind themselves or this move may kick them out, as potential of YouTube video streaming service goes beyond 24/7 video shows..

Live video, which is the ability to use a Web cam to record events and then stream the results in real time to the web, is not new to the Internet. Yahoo launched such a service as an experimental release.