The Foo Fighters know how to rock. They've toured live for the last 15 years reaching a fan base that stretches across the globe. But last Friday, October 30th at 7pm (PT), they opened up the virtual doors to their Studio 606 in Los Angeles to put on their first live concert produced exclusively for their fans online. The free live show was powered by Livestream and aired on the band's Livestream and Facebook pages to promote the release of their much anticipated Greatest Hits album on November 3rd. The performance featured Facebook/Twitter chat integrations so that fans could interact with the band and each other live during the performance. The Foo Fighters' Facebook page incorporated a similar live stream+chat module that's been used in a variety of events over the last year, including CNN's live stream of Barack Obama's inauguration. According to Livestream Co-founder and CEO Max Haot: "As the Foo Fighters were playing, they were keeping an eye on the stream of Facebook status updates coming in, sometimes responding to comments and taking song requests. This is first time ever that a live concert was produced just for their fans online – it was not just a broadcast of an existing concert/event. The concert attracted more than 150,000 viewers and trended on Twitter (#2, #1 was Halloween), was #1 on Digg and was featured on Facebook Celebs. The event generated a lot of buzz in the music and social media industry." Watch live streaming video from foofighters at livestream.com The integration of live video and interactive chat helps build value on many levels by enabling artists to connect with fans, extend their reach through existing social networks and boost their video marketing, merchandising and promotion efforts. The cost to produce a live event using an online video platform like Livestream is significantly less than traditional broadcast television. Advertising and sponsorship deals will also help generate revenue for artists and music industry along with interactive elements and click-to-bu.