Live Stream is an option for streaming videos to CMPlayer.
To insert this option create new Campaign or select existing one. Go to Add Media → Live Stream or right click and select Playlist Settings → Add Media → Live Stream.
Add the link for streaming and press OK.
Here are some examples how the link should look like.
More information about creating stream with VLC can be found here:
https://letzgro.net/blog/how-to-use-vlc-as-a-live-streaming-server/