Google is discontinuing Google+ Hangouts On Air on September 12,
they want to push people to use YouTube Live. I think this is a big mistake, it was a good way to have Hangouts with your friends from all over the world. Group video chat on Google+ started back in September 2011. I am not sure if you can have a private Youtube Live chat with broadcasting to your Youtube account. I will need to look into it more.
To use Hangouts On Air with YouTube Live, follow these steps:

To use Hangouts On Air with YouTube Live, follow these steps:
- Go to Live Streaming Events in Creator Studio.
- Click New live event.
- Select Quick (using Google Hangouts On Air).
- Give your live stream a title.
- Click Go live now or enter in details to schedule your event for later.
- Use Hangouts to broadcast live.