Yes. Notifications are automatically handled by Facebook. Following are the two possibilities:
If schedule is created more than 15 minutes prior to the planned live stream
- Exactly 15 min before the live stream starts, Facebook will announce your planned live stream and will appear in user's news feed. This is an example of how New Feed Announcement looks in your user's Facebook news feed.
- Second notification will be sent by Facebook at 3 min before your stream starts.
- And a third notification will be sent to your Facebook Page or Group followers when the stream begins.
If schedule is created less than 15 minutes prior to the planned live stream
Facebook will send a notification to the Page or Group's followers as soon as the video live stream starts.