Evntlive was co-founded by former Cisco CTO Judy Estrin, according to GigaOm, which first reported the news, and offered features like multiple viewing angles and live chats during concert streams.
Yahoo confirmed the acquisition to CNET: "The team has found a way to truly make an experience out of live-streaming and we're excited to welcome them to Yahoo. We see a lot of potential for how we can expand upon our shared vision for an entertaining content consumption experience."
This is the second announced acquisition in a row for Yahoo that has been in the realm of online video. Earlier this week, it was announced that Yahoo had acquired Ptch, a mobile-video startup that was incubated by DreamWorks.
Update, 2:59 p.m. PT: Adds statement from Yahoo.