Within the LOVOO app, click on "Live" in the lower menu bar. Now you can open a Live Video from one of the tabs "Trending", "Nearby" or "Favorites" or start your own Live Video.
On "Trending" you'll find the most popular Live Videos available in that moment. As the name of the tab "Nearby" suggests, you will be shown Live Videos of the users who are currently in your area. The further you scroll down, the farther away are the users. Under "Favorites" you will find the users you have selected as favorites during a stream. You recognize them by the red star next to the profile name.