For live streaming you need an internet culture operation license; the audio-visual program license is basically out of reach for private companies

In plain words

To run live streaming or game commentary, you need an Internet Culture Operation License (网络文化经营许可证) issued by the provincial culture department. The business scope on the license must state online performance. A decision comes within 20 days of acceptance, and the license is valid for 3 years. You must keep the videos you have broadcast for a full 60 days. If you open without the license, you will be ordered to stop and warned, then fined up to 30,000 (3万) CNY, and if you don't stop you go on a blacklist.