Live Video Streaming (Non-Dedicated)

I noticed in the 'intro' video on the Boonex.com homepage they say Dolphin 7 has support for video chat and video messages (at 2:15 in the video). I have a GoDaddy Unlimited Shared server (non-dedicated) hosting package and I was told by a GoDaddy support rep that in order to do Live Video Streaming I HAD to have a dedicated server, he said because it takes up to much bandwidth (or something like that). I wanted to know if he was right? wrong? can I use Dolphin 7's Live Video Stream (video chatting) feature without a dedicated server?

To enable some of the more advanced features of this script, such as live audio/video messaging, you will need to also install and connect to a Media Server. Obviously, this cannot be installed on a shared server, and can only be done on a VPS or dedicated server. However, there are companies which offer Media Server hosting. I recommend Terabyte Hosting Solutions, who offer Media Server hosting from here: http://terabyte-hosting.com/viewPage.php?ID=RMS-Stand-Alone-Hosting

@Magnussoft Thanks, what package do you recommend?  50GB, 100GB, 500GB? I plan to have 10-50 people streaming live video (not all at once but just 10-50 users with the ability to stream). Does the number of people viewing the live stream affect which package I should choose? Or is that just which package I've chosen for hosting?