Instagram Live is a feature on Instagram Stories that allows users to stream video to followers and engage with them in real time. When users broadcast live video streams on their accounts, a ring highlights their profile picture in Instagram Stories to alert followers that they can view the live stream.

How Do I Use Instagram Live For Marketing?
Product marketing: Promote products through demos, tutorials, teasers or launch announcements.

Ecommerce: Alert followers to a limited time offer or sale.

Branding: Show the behind-the-scenes of your company or use branded hashtags
Influencer marketing: Empower influencers to engage with your followers.

Lead generation: Generate leads through user-submitted questions, pointing out landing pages and more.