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According to its PlayStation support page, Sony will terminate support for Ustream in PS4 starting August 1. Though the site does not explain the removal of the service, it only mentions the Ustream app as well as the Live from PlayStation app will not let users do the following:
- Broadcasting gameplay to Ustream.
- Viewing Ustream broadcasts from “Live from PlayStation” on the PS4 system, PlayStation®App (PS App) and PlayStation®Vita (PS Vita).
Gamers will be able to broadcast their gameplay via other streaming services such as YouTube, Twitch and Dailymotion, as well as to watch gameplay with Live from PlayStation
[Source]: PlayStation: Termination of support for Ustream features.