AOL and XM Satellite Radio have announced plans to stream live concerts to music fans. XM and AOL will join Anschutz Corp's AEG to form Network Live.

The content is expected to be free, with revenue generated from advertising and license fees. Sponsors will be sought for live online broadcasts. Video clips that are not live will run commercials and banner ads if viewed through AOL. XM will provide the concerts free to its subscribers.

The goal of the venture is to create a 24-hour platform for live entertainment.

Kevin Wall, who served as executive producer of the recent Live 8 concerts streamed by AOL, (five million people viewed the concert online) will be the Network Live CEO.

AEG is the nation's number 2 concert promoter and produces shows for its own sports and entertainment arenas.