Today, along with the development of information communication technology, live streaming is getting more and more popular in China. It has established an integrated industrial chain. There are a large number of users watching different live streams (e.g., games. sports, live shows) through personal computers and mobile devices. In this paper, we aim to investigate the values of live game streaming using the Value-Focused Thinking (VFT) approach. We analyze the values of live game streaming from the perspectives of both streamers and spectators. The identified values are represented in the form of a means-ends objective network. The means-ends objective network derived from this research can serve as a conceptual foundation for future studies and provide useful guidelines for practitioners to better operate live game streaming applications.