YouTube Live or youtube broadcasting is free and there is no limitation for watching, also live video will recorded to your channel
With Google Hangouts, you can host up to 10 people in a video conversation and also share a stream of that Hangout. As a citizen journalist, you could host a stream on a particular topic and invite other individuals, experts or journalists to join the conversation.
At present, you can live stream your Hangout to YouTube if you are streaming from a computer. This means that anyone who can watch your YouTube channel can also see your streaming video. To share the Hangout, you’ll need to use Google Hangouts On Air. .If you are using a mobile device instead of a Mac or PC to record