What is the difference between ‘realtime’ and ‘prerecorded’ live streaming?

Scheduled events (e.g. live concerts and performances) can be streamed as a real live event: click “start stream” in your stream application (like OBS) and start playing. Advantage: realtime live streaming is an exciting experience for your audience! Disadvantage: you can’t delete the breaks, mistakes or bad solo’s 🙂
Alternative is to select (e.g. in OBS) an (H264 .MP4) file from disc to stream when you click “start stream”. This prerecorded file can be an audiovisual recording you filmed and edited earlier, e.g. deleting the breaks and with additional footage like intros, creditroll and subtitles. Especially useful if you want to stream your one-time concert scheduled for 3 different timezones.