Are you a fan of Facebook Live and think it is one of the coolest things to have happened to the social networking site? Then you'll be pleased to learn that Facebook Live is set to benefit from more features soon.

The live video initiative from Facebook is poised to get some changes such as adverts, waiting rooms and Snapchat-type filters. Soon users will get the ability to stream directly from the MSQRD app, which will essentially allow them to use different types of effects and masks live. Moreover, users will be able to swap the effects as they stream live!

The new product updates will also allow users to pre-schedule the streams, conduct two-person remote broadcasts and create a waiting room - albeit a virtual one - for people.

Users of Facebook Live will also have the option of selecting the people they wish to stream to - public or friends.

"Going live with a friend or fan can make broadcasts more fun and interactive, and there are tons of new possibilities with this format: interviews, debates, duets, collaborations, and more," revealed a spokesperson from Facebook. "To start, this will begin rolling out to Verified Pages, but we plan to make this available to people more broadly in the future."

The idea behind the new updates making their way to Facebook Live this summer is to make the platform more interactive and engaging. Here's a detailed look at what the new product updates bring users' way:

Two-Person Remote Broadcast

This impending update will endow the ability to stream a broadcast with two people in different places. Users will basically be able to invite their pal to "drop in" and join their broadcast and conversation. Last week, this feature was hinted at by Mark Zuckerberg during the Live Q&A.

Streaming with a friend will allow content developers to imbibe remote interviews into the live videos. The update is set to go live in summer and will start making its way to Verified Pages and then will be pushed out to other users.

Pre-Scheduled Broadcast

This update will let content creators pre-schedule a time slot when they will be live, which would in turn notify users prior to the start of the stream. This way the users can be aware before the live stream starts.

Waiting Rooms

Another product update is the introduction of waiting rooms which will allow a user to hang around in a "lobby" till a broadcast begins. This basically ensures a full audience prior to the start of the live stream. It will also address the problem of many broadcasters not starting the stream till many people have tuned in, which would make early viewers get bored.

Snapchat-Type Filters

Thanks to Facebook including the ability to deploy the MSQRD app - the video filter application which is akin to Snapchat's filters - to go live directly via the app, a fun element to use masks and other effects within MSQRD is included. You can try on the masks while streaming live to your friends or public!

Ads In Live Streams

Facebook is also exploring the possibility of including adverts in live streams, which while the company may not spell it out is intended to generate revenue.

"Live videos tend to run longer. It's actually not unusual for people to broadcast live for longer than an hour," noted Facebook's Fidji Simo. "So you can easily imagine that an ad break in the middle of a live video could work well in that context."

Are you excited about the new product updates to Facebook Live to be rolled out over the next few months? Let us know in the comments section below.

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