The study assessed the opportunities and challenges presented by live-streaming media content to online audiences, using Facebook as a case study in Uganda. The study was guided by three objectives: to examine the influence of live streaming on audience engagement and participation, identify the opportunities associated with Facebook Live, and establish the challenges experienced by online audiences. A mixed-methods approach and descriptive research design were adopted. The study targeted 100 Facebook users, from whom a sample of 80 respondents was selected using purposive and simple random sampling techniques. Data were collected using questionnaires and interview guides, and analysed through descriptive statistics and thematic analysis. The findings revealed that Facebook Live enhances audience engagement through real-time interaction, immediate feedback, commenting, reacting, sharing, and discussions. The platform provides opportunities for timely information access, online learning, entertainment, business promotion, community interaction, and social participation. However, audiences face challenges including misinformation, cyberbullying, privacy concerns, inappropriate content, high internet costs, unstable connectivity, and inadequate content moderation. The study concludes that although Facebook Live offers significant communication opportunities, technological, ethical, and informational challenges may undermine audience experiences. It recommends strengthening content moderation, promoting digital literacy, improving internet affordability and accessibility, and encouraging responsible live-streaming practices among content creators and online audiences.