Our local sports bar (the owner has been a KJ for many years) does this as well. Except with hers you have to be on some chat forum to see/hear it. I think it's a fun idea and this one is very easy to access.
We also just started doing it as well at our shows. It was actually pretty simple and though the audio/video quality are lacking somewhat, it's still pretty cool. There are many free streaming websites to run it thru and we also have chat available to take requests, etc..
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