The Steam Broadcasting streaming service is now live, Valve announced yesterday in its latest Steam client update.
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The patch notes (which also include the addition of the FPS counter) link to a separate info page for Steam Broadcasting, which was announced and launched in beta form last month. The service will allow players to stream their games to friends through the Steam client, cutting out the need for a middle-man service.
Those third party options are still available and may be more robust than the built-in software, but those without serious setups now have an accessible alternative. Steam Broadcasting's main focus seems to be on streaming to friends, but the broadcast hub does offer a library of current live streams. Popular streamers won't likely clamor to switch to Steam's new service, but if you're looking to show off some footage are share with friends, there are few simpler ways to start.
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To view someone's gameplay, you simply right click on their name in the friends list and select "Watch Game". Broadcasting begins as soon as someone starts watching, though you can of course set your own privacy options. The choices include letting anyone tune in to your gameplay automatically with no requests, letting only friends watch without request, allowing friends to ask if they can watch, or only letting people you invite watch. Some of those options will be useful if you don't (or, on the other end of the spectrum, if you do) want anyone tuning in through the game's hub or Steam's broadcasts page.
A new broadcast tab on Steam's advanced settings hosts the streaming options, and you can broadcast your desktop if you leave a game by switching the default option.