Live online video platform GabCast.TV launched its alpha version today and is broadcasting free interactive shows.  The site is similar to other live video streaming services (such as Ustream or Justin.tv), but as Mashable reports, “the focus, design and purpose is unique” in that it enables each user to become “a reality star on the next generation of TV.”

The GabCast.TV team is not short of heavy-hitters. It was co-founded by Emmy-winning producer Paul Wagner and former NBC chairman Fred Silverman (additionally, high-profile advisors include former Disney CEO Michael Eisner and former ABC and Yahoo exec Lloyd Braun). Wagner explains that GabCast goes beyond YouTube, Ustream and Justin.tv by providing streaming video that focuses on greater engagement and stronger interactivity.

At its core, GabCast essentially turns video chats into live programs that are “hosted” by individuals or multiple users with an emphasis on social interaction. It features categories or “channels” for like-minded users (such as Dating Fun, Pets, Sports & Fitness, and College Fun). Pre-alpha users leveraged the streaming platform for a variety of content including live music, dating, and comedy shows.

The service can also be used for conferences and other live events such as weddings, birthdays, and parties. GabCast reports that a live classroom feature and mobile apps are in development. According to the press release, “GabCast.TV promises to hit the sweet spot of engagement by marrying social interaction with unique live content and creating the next generation of reality stars.”

Related GabCast.TV press release (including video): “Hollywood Heavyweights Go Social With GabCast.TV” (5/9/11)