It only took three years but internet streaming company LiveStream has finally caught up to rival UStream’s mobile app. Livestream just completed the first live video stream from the floor of the New York Stock Exchange last week during Twitter’s IPO and then wasted no time to announce that you too can broadcast live from your phone powered by Google’s Android operating system.

Their new Livestream app replaces the previous Livestream for Producers app that allowed more professional internet video streamers the ability to broadcast using the Livestream platform. That app was missing a critical component, the ability to watch Livestreams on your phone and even more importantly it wasn’t for everyone.

Since their inception Livestream has catered towards a more professional sect but recently they’ve taken notice to Ustream’s platform that allows anyone with a camera phone to quickly set up a streaming video feed.

On the viewing side Livestream Android users will be able to view curated videos from Livestream’s editorial team and watch videos that are selected based on who the individual user watches regularly.

The broadcast side works very much like Ustream’s app where you open the app and hit a record button turning your Android phone into a streaming video camera. The app instantly populates a URL you can share across your social channels for others to view your Livestream.

For the past few years, when wireless signal technology permitted it, bloggers and those in electronic media would use Ustream to broadcast live from events that didn’t otherwise have a live broadcast. Many an Apple press event were broadcast live using Livestream without the permission of Apple.

Livestream has been partnering with event organizers since day one to provide live streaming services for people putting on conventions, conferences and other events. This was certainly a big revenue stream for the company and with the app now available they could take a hit from event producers that would rather just have someone sit in the audience with an Android phone.

LiveStream CEO Max Haot said that social integration is one of the key aspects to this new offering. “There is no social network out there that has yet built that capability to show my friends what is going on right now with video,” he told CNet “You have Skype and Google Hangouts, but that’s more one-on-one.”

UStream already allowed that feature however Ustream has always been popular with the more “techie” crowd where Livestream has been able to put their stamp on events across a variety of industries, which may give them a competitive edge. For events and vloggers who use Livestream it’s always had a more “official” feel where UStream has always been more “underground”. Now Livestream is putting their seal of approval on broadacsting anywhere.

Download the newest version of Livestream from the Google Play Store.