Live video startup Livestream has launched a new beta of its site that adds in lots of new features, including the ability to rewind live video like a DVR, and new HD video streaming options.

Livestream and similar video sites, such as Ustream and Justin.TV, help the online masses watch live event and show coverage, including concerts, conferences and almost any type of event you can think of. We can only imagine this type of live programming will grow more popular over time and imagine brands will like this because audiences that world over will be able to attend.

The new Livestream has been re-designed and tailor-made to deliver new features, along with standard video streams. This includes HD video streams up to 720p, the DVR-like ability to rewind and fast forward during live coverage, photo updates, text updates, live blogging and video clips underneath the main video. With this many additions, Livestream will be taking on other live video sites as well as treading on territory covered by CoveritLive and ScribbleLive, which are used by journalists and bloggers to cover live events.

On top of making itself more competitive, Livestream’s intention is make the site more of a social destination in addition to being a premier place to watch live events like a Facebook or Apple keynote. The company is adding profile pages to encourage engagement, a Tumblr-like reposting feature, and the Twitter-esque ability to follow other users.

New York-based Livestream was founded in 2008 and has received nearly $13 million funding to date from Gannett and private investors. Livestream has about 120 employees and streams 1.5 billion minutes of video each month.

What do you think of Livestream’s new design and features?