After the success of Instagram Stories which lets you upload previously recorded footage, Instagram Live is now a place for LIVE ONLY content.
It is different to Facebook Live in two significant ways;
1) You cant edit content
2) You cant re-view content.
Instagram have always been very big on promoting the fact that their platform is for Instant content only and Instagram Live is a great way for them to keep up with the other social media platforms (particularly Snapchat and Facebook), and still maintain their point of difference.
1) Unedited video!
This could be really dangerous for many people! Of course, you have the option to take your video down once its published, but what can be seen can never be unseen so you'll have to be quick if something happens that you don't want to broadcast to the rest of your followers.
2) You cant re-watch content.
Yes, I know that the cons so far are the two points of difference and that's because I don't necessarily think they're a good thing! If you have a really inspiring video which you want to share, it sometimes takes a couple of views for that to sink in. If you get distracted, drop your phone or for any other reason, you can only watch the content once.
3) Its not good for business.
While Instagram Live will help to create an online personality for a business, its not the place for sales and direct marketing. If your customer can only see your message once, its unlikely that it will sink in like you need it to. But its a great place to bring out your personality and show your customers what you're doing each day; just be careful you cant edit your content remember!!
I've already used Instagram Live today and while its nice and simple to use, (just click video in the upload panel and away you go) it wont ever compete with Facebook Live as its limited for the viewer. BUT with Facebook owning Instagram, for those who Instagram Live does appeal to more, they have the whole market covered by adding the same feature but with a couple of points of difference.