Israeli firm Mobli said in a Thursday announcement that it has updated its social-mobile photo and video-sharing app, which now gives the users the ability to stream live video from their mobile handsets for viewing by a large audience of users in real time.

Mobli said that the updated app - with the new 'live broadcast streaming' feature - underscores the fact that the Mobli technology has the potential to allow millions of users to see exactly what their smartphone lens is seeing.

Announcing the major update to its app, Mobli said that the app has been over-hauled to make it faster, and it now boasts an improved UI. The company also added that it is now opening up to third-party developers.

Meanwhile, with the Mobli app often compared to its more famous competitor, Facebook-owned Instagram, Mobli's founder and CEO Moshe Hogeg said that the new video-streaming feature of the app will set Mobli apart from the chock-a-block photo-sharing market.

Relating competition in the photo-sharing arena to competition in other industries, Hogeg said: "There's Coca-Cola and there's Pepsi; there's WhatsApp and there's WeChat. And we think the world is big enough to have a few companies in the same industry."