In many sectors, live is a powerful driver of audience but only as long as the audience know where and when to look. The key to the use of live events within Internet TV seems to be consistent - same time, same place every day or every week.
I've seen many channels struggle with live events because they're done ad hoc and every time an audience needs to be built from scratch.
There is one technology which I've yet to see implemented and that's relaying - where one PC takes a live feed and sends it to another PC, which then sends it on further down the line. I suspect it's a technology we'll see very soon that enables streams to be broadcast around georestricted rules.