Live Stream: Facebook Could Announce Location Service

Facebook is holding a press conference at its headquarters in Palo Alto this evening, and it's rumored that the company is preparing to announce a new location-based service for its hugely popular social networking site.

If the rumors are correct, Facebook would be joining a growing wave of web services companies that affix locations to content posted by users. Other sites like Gowalla and Foursquare have built whole businesses on the concept, but Facebook could put those smaller specialty players out of business if it offers a similar service for its massive 500 million-member base.

With the announcement of new location-based functionality, Facebook might also might reignite the privacy uproar that has plagued the company in recent months. With location-based functionality in place, Facebook would be able to make "public" not only what you write in your profile, but also where you were when you wrote it.

Here's a live video feed, provided by Facebook, of the press conference at the company's headquarters in Palo Alto, California.

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