The most commonly used software for video recording and streaming is
Open Broadcaster Software (OBS). It's the most lightweight capturing tool out there, and it's also really easy to set up! We strongly recommend it.
They have a very well written wiki on how to quickly get started:
Capturing LIV with OBS couldn't be easier. Simply add a new "Game Capture" source to your scene and target the LIV output. Resize the window to fit your frame and voilà, you're good to go
Name the scene then hit ok
Next you will need to add LIV as a source, in the Sources box click the + sign in that location.
It will bring up a new menu and you want to select Game Capture
Click ok after selecting Game capture
Next you will need to select the mode, in the drop down menu labeled Mode, select Capture specific window
In the Window drop down menu select [capture.exe]: LIV Output
After that click ok.
You should be ready to Start Recording