The details about this announcement can be found at livevideo.tumblr.com, which also shows a schedule of live streaming broadcasts.
Tumblr's live video streaming feature may compete with Facebook Live, Amazon's Twitch, Google's YouTube live streaming, or Twitter's Periscope. The platform is going to bank on creative content from millions of its users. Tumblr boasts of 555 million monthly visitors across its 300 million blogs.
Besides the new live video streaming capability, the platform is also introducing a user-facing feature for live video.
Recently, it was reported that Tumblr was struggling to meet the $100 million sales target set by Yahoo CEO Marissa Mayer. It may be recalled that Mayer had said after the acquisition of Tumblr that she would not "screw it up" for the users of the widely popular microblogging platform.
"Tumblr built strong communities, launched Internet memes, led to countless book deals and helped shape the culture, online and offline. It remains an incredibly vibrant network with hundreds of millions of accounts spanning the full breadth of human interests," Mashable's Seth Flegerman wrote.