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Ustream.tv has recently released their free app Ustream Live Broadcaster app for live broadcasting from iphone to internet Ustream website. It works on WiFi, Edge and 3G connection on your iphone.
This application is supported on iPhone 3G and 3GS , allows to automatically record, you can record video without 3G or WiFi and upload it later. You can share the recorded video with this app on youtube, twitter, facebook and Ustream.
Apple AppStore Link For Ustream Live Broadcaster
