Life on Air, Inc. has created the Meerkat app to allow iOS users to stream live video to Twitter. This is actually the company's second live-streaming app, the first being the aptly named Air. Meerkat sort of works like Snapchat in that streams are ephemeral and are not saved by the app, although you can save them to your phone. Streams cannot be replayed, meaning that if you want to watch something you need to do so while it's live. Unlike Air, the Meerkat app has to be connected to Twitter to work.
Twitter is one of the biggest social media companies around yet it has struggled to find a way to appeal to a mass audience. Acquiring Vine gave it video, albeit with a short time limit. The Meerkat app greatly expands what you can do with Twitter and may help attract more new users to the service.