Apps like this already $1. Though that app tries to do everything on the phone, because streaming over data would be hugely expensive. If you don't need/want real time, $1 works by sending photos to the cloud. Much cheaper to send a single photo than livestream.

I recently tested similar software for another company, specifically in regards to facial recognition created live from the camera feed, and it was extremely awkward and useless. Running around, pointing your camera at people, everyone just thinks you're taking a photo of them so they are either put off by it or they just stand and smile, waiting for you to tell them that their picture has been taken. With it being so awkward, I also then quickly realized that I really didn't care about facial recognition/expressions when attempting to interact with people. Figuring out what objects are around me might be sort of interesting, but constantly running around looking like you are invading everybody's privacy is definitely a turn off for the technology.