In order to put Adobe in the era of 2021, this is a project that could cost to much for Adobe, but they should definitely try. Work on a new application to create a livestream more easily and efficiently.

• Manage your livestream in the Premiere Live app.
• Connect your feed to Facebook, Instagram, or any social media platform that allows livestreams. Give the possibility to use RTMP/RTMPs or UTP protocol.
• Ingest others videos feed from their phone or webcam through the Premiere Live mobile app or through a dedicated link on the web (ex: live.adobe.com/UserID/CodeOfTheLiveSessionsInAlphaNumericNumbers.prl
• Make the possibility to import from Creative Cloud, .mp3, .mov, .PDF, .ai .png and all other files that could help and create a presentation in live.
• Give the possibility to add custom overlay, to cue in and out a video.
• Make a user-friendly multi view screen.
• Allow 3rd party software.
• Mix it with AR to change the face or the background of your guest.
• Platform should create embed code for website.
• Add Color Lumetri and Lumetri scopes to correct any visual sources.
• Add live audio effect from Audition to remove noise, echo cancelling and any other audio improvements.
• Make a media player that could be cued by the timeline. With in/out option.
• Link libraries with Premiere Live to push instantly a file that just been drop.
• Make a switcher platform that could switch between A/B or Preview/Program.
• Give the access to push social media comment in program screen
• Studio chat (to talk to your guest)
• Media chat (to talk to your listeners - And add option to talk to only one media platform or all).
• Allow screen sharing with users.
• Allow Adobe CC teams to separate task (one at the video, one at the overlay, one on the sound, one managing online comments, etc.)
• You can operate the live online or in the app.
• Add user to manage their windows preferences, ex: Program at top, audio bellow, overlay at left, or anyway that you want to put it.
• Make system info like PCU, cache and stuff that livestreaming tech needs.
• Add transitions and effects or create & import your own
• Add the option to output your feed as a webcam, to use it in Teams/Slack/Messenger or Zoom for educational/business presentation purpose.
• Saves the current live as a project to keep your work inside.
• Put media management to import Adobe files to your session.
• Add live close captions with AI improvement.
• Use GPUs to render it live.
• Allows ISO record sessions to edit each sources later with Adobe Premiere Pro, with an .xml file.
• Allows sessions records for instant playback.
• Add mask, grid, and other logical tool.
• Allow importing Essentials Graphic to change in real-time and render in real-time an animation.
• Allow live responsive reaction between the user blueprint, while he is listening, to reconfigure the source horizontally or vertically.
• Make Python/CSS and HTML5 integration to push a link/webpage or a program in the iframe of the live.
• Make the possibility for user to draw, write in the screen.
• Give option why guest/users to raises hands.
• Allow VISCA protocol trough IP to control camera, iso, iris, white balance of a professional camera.
• Import LUTs and color preferences.
• Allows MIDI and DMX to cue/set/control with custom asset.
• Make simple preset for usual customer.
• Export live at the end, in the codec of your choice
• Allows RTMP pulls links
• Schedule time to push live the event.

And hardly enough, create a new video protocol that splits and allows custom overlay graphic links over a live video feed in real time (like an HTML5/web-base link button over an iframe of a video player but customized to react in real time when the producer want to push it), this protocol could also not send the same overlay between social media/destination and could be responsive thought. The protocol should also send back data for UX/UI, marketing purpose and technical feedback. And make this, the new RTMP.

I'm able to help if this idea is made.