NewTeeVee reports that YouTube will support live video before the end of this year as told by, co-founder Steve Chen to Pop17 videoblogger Sarah Meyers.

Here’s is a transcript:

Meyers: “When are you guys gonna do live video on YouTube?”

Chen: “2008. We’ll do it this year.

“Live video is just something that we’ve always wanted to do, we’ve never had the resources to do it correctly, but now with Google, we hope to actually do it this year.”

Justin, you better haul your life-streaming rig over to San Bruno while there’s still time to cut a deal. Meanwhile, the guys at Yahoo Live should be totally psyched to relinquish the title of being the last people in the world to launch their own live video service

Google, YouTube, Live Video, Internet Video, Online Video, Video Sharing