A stream hosting server generates anchors associated with a live stream, each anchor specifying a timestamp of the live stream that represents an opportune moment for a user to join the live stream. When a viewer client device sends a request to join the live stream, the stream hosting server analyzes the anchor list and selects an appropriate anchor. The stream hosting server provides the live stream to the viewer client device beginning at the timestamp specified by the anchor. Thus, the viewer client device can begin displaying the live stream at the opportune moment specified by the anchor. The stream hosting server also creates video on demand content that include a completed live stream as well as anchors associated with the live stream. The viewer client device can display the VOD beginning at different anchors.