Actually, not only does it work with live streaming, it's not an uncommon approach in a number of live streaming implementations*. To be clear, I'm not talking

Actually, not only does it work with live streaming, it's not an uncommon approach in a number of live streaming implementations*. To be clear, I'm not talking about low latency stuff like interactive chat, but e.g. live sports. It's one of several reasons why live streams of this type are often 10-30 seconds behind live. * Of course it also depends on where in the pipeline they hook in - some take the feed directly, in which case every frame is essentially a key frame.