Any fan watching a live stream would be able to purchase chat messages that are highlighted in bright colors and stay pinned to the top of the chat window for up to five hours.
Live video is becoming a highly competitive feature on social platforms, with companies competing to stream major sports events and exclusive videos from high-profile events such as the Oscar and Grammy awards shows.
While YouTube started supporting live streaming on its website since 2011, Facebook Live, which offers streaming video in real time, was launched in 2015.
Twitter started allowing live broadcasts from its mobile app last year.
The live videos will have all the same features as regular YouTube videos as they can be searched for, found via recommendations or playlists, and protected from unauthorized use, YouTube said.