ustream.tv, a YouTube for live broadcast video, is ramping up their marketing in response to the surprisingly fast rise of Justin.tv. If you haven’t heard, Justin.tv streams live video, literally broadcasting every single moment of the Silicon Valley resident’s entrepreneurial life.

ustream is recognizing the lucrative prospect of creating a hub for streaming video. Web cams are now embedded in laptops and our broadband connections are coming close to ideally supporting live video. The Internet support isn’t quite there yet, though. You’ll remember that Stickam, another community for streaming video, can only support about 2000 streams at any given time. These limiting factors could greatly hamper any kind of viral growth for ustream as a destination site.

ustream will be adding their pay-per-view feature some time next week, offering some attractive reasons to lure in new users. This feature is great for bands wanting to earn additional revenue from streaming their concerts live, or chefs wanting to offer instructional videos with live chat. Their streaming videos can be embedded as well, enhancing the nature of ustream’s broadcasting goals. ustream has included many ways in which users can promote their videos, dedicating profile space to past and upcoming events, and also allowing users to archive their videos for repeat views.

What could really catapult ustream is the promotion of premium content for live broadcasting. This is something that Stickam has already delved into, offering up coverage of the Sundance Film Festival. Having premium content has already proven to be an effective factor in getting viewers to the site. As live web-casting is bound to become a popular trend (camera phone integration is next!), it will be exciting to see who the leaders will be. ustream’s upcoming ability to monetize your live streams will definitely gain them some steam.