Ask HN: What are the options for live content?

Recorded content is largely a solved space through itunes, netflix, piratebay, etc. Live content seems harder to access. Is there a way to stream high quality video of sports events and news feeds, or are there still technical problems to be solved? Why has no torrent-like p2p streaming system gained popularity? I'm thinking of something like Napster live , Itunes live, Netflix live, or Piratebay live.