If you go to justin.tv you will notice that the website is live video broadcasting along with streaming videos. How would I make a website just like this one? Of course I plan on making a few changes but I don't understand the concept of community live broadcasting. So basically my question is, How can I create a website to allow users of the website to broadcast live video? Do I need special servers?
About the script part,its wise to hire a people to code the script for you. While for the server you need to have a ffmpeg enabled server. I would advise you start by using at least vps.
Bandwidth costs would be through the roof, it's not something that most normal webmasters can just build. You'll need to make a BIIIG investment if you want to enter this space.
You'll need a shoutcast server to broadcoast live streams, the cheapest I found was $8.99 a month for up to 50 listeners and 10 GB of storage. The huge issue is that shoutcast software running to stream live broadcoast streams are extremely bad on the memory and processor usages. I ran one on JoltHost.com's servers and it was completely using half of the RAM we have which is 11 GB. It's extremely hard. $8.99/month servers: http://shoutcast.serverroom.us/ Download Shoutcast Software: http://www.shoutcast.com/ Good luck. Free: http://www.listen2myradio.com ^^ Free but may be a bit not good for you, they cannot even spell. Bad setups, too.