Before a live event, you will need to set up your event and test your live stream. You can set up your event weeks in advance or the same day as your event depending on if you want customers to be able to pre-register for the event in advance.
Navigate to Content > Live Events and click Add New to set up a new live event.
Like a video, you can then add it to a category, set the SEO, add authors, etc.
Before you go live, make sure you test your stream out:
NOTE: Make sure to leave five or more minutes between testing your player and going live in order to hide the test portion of the stream from your viewers. In addition, make sure that you have adequate bandwidth on your network connection to avoid live stream disconnects: 3 Mbps for 480p, 6 Mps for 720p, 13 Mbps for 1080p.