Google is going to capture the whole services on the web, because after adding movie section in youtube, where users can now watch full length movies on youtube, they are going to offer live video streaming. Although google has previously showed some online events like IPL Matches, Obama first address and U2 Concert. They used 3rd party streaming feature for that, but now they are going to offer its own Live Streaming for different events. This is going to be a very serious threat for ustream.tv, livestream and justin.tv.
Google will first launch this service in US and then gradually in the whole world. So lets see how it will impact on other live streaming providers. Is this going to be a very serious threat for them, or just like Google Wave failure (Where people started to find google wave alternatives) this service will not survive. However one thing is sure that after launching this service, Youtube will get more popularity. Youtube success is increasing day by day, and as currently it is world 3rd popular website, chances are that it will beat facebook and become the world 2nd most visited website.