Tim Street, creator of the video podcast French Maid TV, is live-streaming a French Maid TV shoot, via UStream. (Note: the embed has been updated to point to video from the streaming event. )

French Maid TV was an early breakout hit among video podcasts, each episode a 5 – 10 minute “how to” lesson, taught by attractive young women in French maid uniforms. Street also was an early success in monetizing his video podcast, with individual instructional episodes commissioned or sponsored by relevant advertisers — like an episode about registering a domain name, for example, sponsored by domain name registrar GoDaddy.com.

The live shoot is an interesting example of how successful podcasters are looking beyond downloadable media, extending their established “brand” into other offerings, online and off.

Earlier today on his blog, Street asks, “Are you monetizing your online video with live events?”

“The Monetization of Online Video is slowly starting to happen. Ad Networks are signing “Video Publishers” to their networks and serving them video ads that still don’t pay enough to live on but the it’s a work in progress. Sites like Revver and YouTube have partnership programs that pay high viewed video creators enough money to make car payments and sponsorships for high viewed videos pay the best but are hard to find, negotiate and close on a regular basis.

One other online video monetization model is the Live Event model. Simply put, you throw a party and have sponsors pay to provide drinks, gift bags, signage and what ever else you can get them to pay for at your party and you videotape content at the party.”

It does not appear (while viewing the live stream) that the video shoot is sponsored, nor is it clear just what product or service the new episode will feature. Street says that he can’t yet divulge that information, but says that the episode involves “sharing private videos.”

Hmm.