Look Mom! I'm on the Internet!
Streaming video to multiple people always has been a challenge. Back when Kyle Rankin and I did "Linux Journal Live", we'd use services like ustream or justin.tv in order to accommodate the bandwidth requirements. The problem with those services is that unless you pay significant money, the features are extremely limited. Fairly recently, Google has changed that with its "Hangouts on Air".
(Image from Google)
The process works like any other Google Hangout video chat, except that while you're chatting, a YouTube live stream is taking place. It's possible to embed the live stream like any other YouTube video, and because it uses the Google networks, there's no need to worry about using too much bandwidth.
The process for starting, stopping and embedding Hangouts on Air still can be a bit cumbersome. Thankfully, as the product matures, its integration into YouTube gets better and better. I personally used Hangouts on Air to broadcast my kid's drama presentation to family members who couldn't make it. You even can keep the live stream as an archive video for folks who can't watch the stream live. Check it out today at http://plus.google.com/hangouts/onair.