Live streaming is becoming a trend nowadays and has gained a lot of popularity among the celebrities and normal users. There are many apps that offer live streaming directly from your smart phone, two of the world’s most popular live streaming applications are Meerkat and Periscope. These two applications are available only for iPhone users while the work for android is in progress. Meerkat and Periscope have been in competition for some months now but when Twitter bought the startup Periscope in January 2015, it putted a stoppage to its rival Meerkat launched in February. Spycam.io is also pushing it’s “Meerkat app” for Android and other platforms.

Meerkat - Tweet Live Video and Periscope- Explore the world through someone else's eyes Both apps are integrated with Twitter and as soon as you go “live”, your followers can see and join your live streaming video, comment and send you hearts (likes) in real time or you can schedule stream to your followers. Everything that happens on these two applications happens on Twitter but with a slight improvement in Periscope app, you can choose whether you want to share it with everyone or just a group of friends or private, this feature is not available in Meerkat. Periscope allows it users to replay the videos after the end of streaming which is not offered by Meerkat app.

The Periscope users can replay the video again and again for 24 hours but Meerkat app user can’t. Both allow users to save the stream in their iPhone’s gallery. The two services are now poised to compete with one another to become the live streaming app of choice but Periscope wins hands down in the important aspects like- Polished and intuitive interface, access to twitter’s social graph, GPS location (not offered by Meerkat app), save streams for later, Video Quality, Discovery, Celebrities and number of users.
Upon launch, Periscope shows you three featured live videos streaming, and then a list of other live streams from both people you follow and people you don't. You can see the videos streaming live right now regardless of who is shooting them. Where Meerkat just has a mostly blank page when there's no activity among people you follow, all you can do on the blank page except seeing who the most popular broadcasters are, is start your own broadcast or schedule one for later.

On the meerkat video streaming, one can "Like" or make comments. Putting live video virtually into the hands of everyone opens up a new dimensions for how we view and access content, access news, present live events. In the periscope video app, the more number of hearts you get, the higher your streaming flutters on Twitter, the higher you get in the “Most Loved” list.
Source: Meerkat vs Periscope vs http://www.spycam.io/.