Well it can be both. It's like Skype Video Chat, and it could also be used as a live streaming event. I haven't used it much myself, but watching others use it it seems pretty good.
I personally like the old live streaming option more. But Google Hangouts is much easier. Makes it so anyone can do it vs more technical people. You can use it as a conference call or you can use it to stream and interact with your viewers. =)
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