Hey,
Take a look at the latest update which has a couple new options:
Use "Not Live" Fallback Content For Live Streams: (More info here) This feature lets you display alternate content if your live stream or premiere is not currently active. There are 2 flavors of this feature: one that affects direct link live streams, and one that affects channel live streams. Each are explained below. They work a little differently, but both use the same "Not Live" Fallback Content that you can edit below.
Turn on for direct link live streams: When your direct-link embed is not streaming live or premiering, the YouTube live player usually displays a countdown after the user clicks the play button. Instead of showing that player, you can display some "coming soon" content in that space for your visitors to see until your video begins to live stream or premiere. The plugin will automatically switch to your video's live stream or premiere once it's active. In the "Not Live" Fallback Content box below, enter what you would like to appear until then. You can even insert shortcodes from our plugin into the box below (shortcodes from other plugins may or may not work correctly). If you just want to show the standard countdown player that YouTube provides, don't use this feature. NOTE: Turning this on for direct-link live streams uses a significant amount of your YouTube API quota. We suggest unchecking it if your site has high traffic. If you chose to use this feature, do not put another live stream embed below.
Turn on for channel live streams: beta If your live stream embed is channel-based, YouTube might show an error message if there is no upcoming or currently streaming video from your channel. Instead of showing an error, you can display some "coming soon" content in that space for your visitors to see until you've scheduled a live stream or premiere (Once you've scheduled something, YouTube will display the usual countdown until the stream happens). In the "Not Live" Fallback Content box below, enter what you would like to appear when nothing is playing or scheduled to play yet on your channel. You can even insert shortcodes from our plugin into the box below (shortcodes from other plugins may or may not work correctly). NOTE: This feature for channel live streams is experimental, but it will preserve your API quota. We recommend trying this instead of the direct-link option, to see if it works for your site. We hope to improve this feature over time.
"Not Live" Fallback Content: