Ustream is no stranger to providing streaming video service for Facebook users. But now you don’t need to be tied to a computer to share the memories. Ustream announced Thursday night the launch of Broadcast for Friends — an iPhone application that allows users to record live video, which instantly posts to Facebook. The company said launches for other mobile platforms, such as Android, are on the horizon.

The app is heavily tied into Facebook, and broadcasters can receive real-time updates on likes and comments. Ustream has integrated open graph technology, so the app connects to a user’s Facebook account when it is first launched. Users can select their audience: friends, public, or just themselves.

Broadcast for Friends also uses geolocation services, so that when a user posts a live streaming video link, it says where it’s coming from (this can also be turned off). Videos can be posted to a friend’s timeline, as well. If a user doesn’t have sufficient bandwidth for streaming video, the app will  upload it to Facebook as soon as it’s feasible. Videos are automatically saved to Facebook, which cuts out the process of uploading.

David Thompson, Ustream’s senior vice president of marketing, spoke excitedly with AllFacebook about the possibilities that Broadcast for Friends (affectionately shortened as BFF) holds for Facebook’s younger users, concert-goers, and citizen journalists:

It’s really a super, simple, straightforward idea: just take your iPhone and broadcast live on Facebook … We’ve added some really nice things to it.

Much like popular photo apps, such as Instagram, mobile videographers can select different filters, such as Maltese (saturated black and white), Vendetta (prominent reds), and Valentino (a silent film look).

The company announced this new product at a launch party Thursday night in San Francisco.

While it’s only out for iPhone right now, Thompson said that Ustream is working on Broadcast for Friends apps for other mobile phones.

Video streaming by Ustream

Readers: Does Broadcast with Friends sound like an app you’d be interested in?

Images courtesy of Ustream.