Cloud computing has drastically changed the delivery and consumption of live streaming content. The designs, challenges, and possible uses of cloud computing for live streaming are studied. A comprehensive overview of the technical and business issues surrounding cloud‐based live streaming is provided, including the benefits of cloud computing, the various live streaming architectures, and the challenges that live streaming service providers face in delivering high‐quality, real‐time services. The different techniques used to improve the performance of video streaming, such as adaptive bit‐rate streaming, multicast distribution, and edge computing are discussed and the necessity of low‐latency and high‐quality video transmission in cloud‐based live streaming is underlined. Issues such as improving user experience and live streaming service performance using cutting‐edge technology, like artificial intelligence and machine learning are discussed. In addition, the legal and regulatory implications of cloud‐based live streaming, including issues with network neutrality, data privacy, and content moderation are addressed. The future of cloud computing for live streaming is examined in the section that follows, and it looks at the most likely new developments in terms of trends and technology. For technology vendors, live streaming service providers, and regulators, the findings have major policy‐relevant implications. Suggestions on how stakeholders should address these concerns and take advantage of the potential presented by this rapidly evolving sector, as well as insights into the key challenges and opportunities associated with cloud‐based live streaming are provided.