Looks like a good news for Twitter fans as they can now share and watch live video broadcasts from their mobile phone with Periscope live-streaming video app.

On Thursday March 26, social networking giant, Twitter launched a video-streaming app called Periscope. The launch comes just days after reports that Twitter had blocked Meerkat, a rival app from accessing its data on who follows whom. Meerkat rose to popularity earlier this month after becoming a breakout hit at the SXSW interactive festival. Meerkat was designed to link with a user's Twitter account.

The Verge noted that the surprise emergence of Meerkat as a social phenomenon has not been flawless with users frequently complaining that the links are usually dead by the time they click them. As the app began to be discovered by celebs as well as other high-profile users, Twitter employees hinted that a better solution was in the making.

Periscope, a live video streaming app Twitter acquired for a reported $100 million in Jan. Periscope not only allows users to stream themselves live, but also play those streams back.

Recode noted, Periscope streams live audio as well as video from a user's smartphone that other people can not only watch but also comment on within the app. In order to boost the audience, the link to the livestream can be shared on Twitter. Meerkat on the other hand lets people live stream videos that cannot be rewatched.

In addition, Periscope also offers a rather unusual format for liking a video. Unlike other social media platforms that let users hit the Like button once, Periscope allows users to Like a video as many times as they want by simply tapping the screen.

According to NBC News, the social networking giant's announcement comes on the same day that Meerkat revealed a list of investors that comprised Silicon Valley venture capitalists Greylock Partners and Sound Ventures, Ashton Kutcher's fund. Meerkat reportedly raised $14 million in the new round of funding.