I have been wondering about this lately. TCP ensures all packets are delivered, but it may cause delays retransmitting packets, so I am not sure it would work with live TV. Also TCP cannot do multicast. Youtube uses TCP (AFAIK) but you tube is usually not live.
UDP does not waste time retransmitting packets but UDP does not guarantee all packets will arrive. Thus, with UDP you may have dropped packets. In the old times you would just use UDP and accept that there will be occasional quality degradations due to dropped packets, but in the old times streaming video and audio over the internet was really bad.
Nowadays the expectations are so high and the video codecs are so complex, few dropped packets could cause noticeable artifacts.
Anyways, sorry for going off on a tangent. I was just curious.