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Yahoo is launching a new video service called Yahoo Live. Initially available for Yahoo employees only, the service allows users to create their own "social broadcasting experience." Translation: Yahoo is the first major company to get into the lifecasting space currently occupied by startups like Ustream.tv and Justin.tv. Last week, we reported that Yahoo was looking to launch some splashy products to distract from its financial problems and layoff rumors. Yahoo Live seems to fit the bill. Catch the notice posted on Yahoo's intranet, Backyard, after the jump.

Yahoo! Advanced Products releases an internal alpha of the new video service Yahoo! Live.

Yahoo! Live is social TV, where you're the star! Create your own social broadcasting experience. Start by broadcasting yourself from your webcam, invite your friends to chat with you, they'll go live with you, and you're all on candid camera!

The service is scheduled for release in early February, but be the first to test it and tell us what you think!

Join our mailing list at http://ilist.yahoo.com/wws/info/ylive… for general discussion and to announce upcoming broadcasts.

We know it's easy to get carried away once you're on camera, but a few things to keep in mind about Yahoo! Live -
- This is an internal alpha release (Yahoos only!) so it's confidential.
- The service is still in development and may undergo outages, so any data saved may be lost prior to public launch.
- The service may not be accessible if you are on a wireless connection, due to security concerns. You can work around this by setting your browser to go through a proxy server. Here's how: http://twiki.corp.yahoo.com/view/Mingle/So…. Otherwise, please use the service from a hard wired connection.