Have something to say, and want the world to hear it? Well, with Hangouts On Air, you can share and record your live discussions and performances with everyone.
Hangouts On Air lets you:
- Broadcast a hangout: Invite circles or individual people to join you in a hangout, then broadcast it to the world. A live player of your hangout will be posted to your Google+ Home page and YouTube channel.
- Edit and share the recorded Hangout: Your hangout will be recorded as a public video. The recording will be available on your Home page once your hangout has ended.
You'll also be able to edit the recording when the hangout is over and your post (and the video URL) will automatically be updated to show the edited version. Editing on YouTube is only available on videos shorter than 2 hours. You can download longer videos to be edited on your own computer.
EDIT 24.07.2015: Looks like there have been some changes.
See this article from YouTube Help Center and Google+ Help Center about Hangouts on Air.