This week Justin.tv launched "Live," an application that enables Facebook Page administrators to create a streaming video tab.

The app features a Facebook live stream on one side, enabling watchers to chat, update their status for other viewers to see, and view friends that are also watching the content. It is positioned as useful for companies or public figures that wish to stream live footage — and host conversation — on their Facebook Pages, according to All Facebook.

Those that wish to use it can install the Live app, then set it to broadcasting mode. Once configured, a "Watch" tab will appear on the appropriate Facebook Page. Visitors can then watch live video content hosted by the user.

Archived versions of videos are currently not supported by the application, which does not charge for use.

Competitor Ustream.tv already has a Facebook app that provides the same service. To access it, users must undergo an application process, followed by usage fees.

Last month Facebook began piloting a site-wide e-commerce platform for its app developers. If launched site-wide, the service would make purchasing items or services on apps a matter of one or two clicks, akin in simplicity to purchasing music on iTunes.

Facebook could also charge a small convenience fee for the offering, enabling it to profit from broad adoption of its apps API by enterprising developers — which in total are expected to generate $500 million in revenue this year.

Image credit: All Facebook.