Music industry bible, Billboard, has announced Billboard Live, a new service streaming live music events to iPhones and online.

There’s a few interesting features to the magazine’s new music service, not only are live events streamed free (at least right now), but users alsi get to choose between five different camera angles from which to watch the shows.

Billboard Magazine states: “The music industry bible is bringing a new weekly series called BillboardLive.Com to the Internet.  The music revolution will not be televised, it will be streamed in Full HD. This will be a weekly show that will air worldwide, featuring artists from across the musical landscape.”

The site supports social networks, offering integrated Twitter and Facebook share buttons, and iPhone support. Performances by David Archuleta, Daughtry, and Alicia Keys are already promised.

On the service, the company states: “History has shown us that technology has always gone hand in hand with entertainment, The boombox gave way to the “Walkman” but was revolutionized by the Apple iPod. Each time an entertainment medium needs a charge of energy and ingenuity, a new way to enjoy the music and artists we love, technology has led the way.  Fortunately, that time has come again and begins for twenty six consecutive weeks on October 1, 2009.”

BillboardLive.Com will also offer exclusive artist interviews, blogging and more.