HOW DOES LIVE STREAMING WORKS?

For Live Streaming We Use RMTP Protocol. So the Connection with the Server.

Here : Live streaming video and audio both are separate streams which are passed to an encoder from where video and audio is encoded at a specific bitrate. We can send audio as lossyless i.e .wav file or losse i.e .mp3 file. Or if we want it to be something in between lossy and lossyless then we can use opus. Which send audio according to the Bandwidth. 

So after user has sent the Audio and Video to the Encoder it is encoded as .m3u8 file. But user who are viewing the stream cannot view using .m3u8 file Because of which First it is Decoded into HLS Format i.e Http Live Streaming Format.

What is HLS? 

HTTP Live Streaming Format send data in chunks that is in parts that's why u want to be able to go back in a live stream through sliding the progress bar. Because data is not sent at once but sent in Chunks.