Apple Inc. has approved a live streaming video application for the iPhone and already a second company says it will seek the green light for a similar service.

Mountain View-based Ustream announced on its blog Wednesday that its application, which allows people to broadcast live over the internet using a video-enabled iPhone, was ready for use. The free application allows live streaming over a 3G network or WiFi, and it lets users interact with viewers and send notifications over Twitter.

Also Wednesday, Qik Inc. of Redwood City announced that it had submitted a live streaming application of its own to Apple for review.

Both companies already enabled users to load videos onto their websites for web broadcast.

(Content Courtesy: Business Times)