While periscope is more warm and fuzzy, meerkat is elegant, very simple and basic. Meeerkat came to existence in February 2015 a month after Twitter acquired periscope in January quoting “Periscope lets you broadcast live video to the world. Going live will instantly notify your followers who can join, comment and send you hearts in real time”. Said by critics “Twitter’s Meerkat-Killer Live streaming App Just Went Live”. Applications like the periscope app are a source for people to share what and how they see the world by live streaming whatever their iPhone’s camera is pointing at and choose to share a link to the broadcast over Twitter.
But the question that stand in the way is that which of the above app should a normal user like me and you should get? Well, for answer we first need to see the features offered by the apps. At first glance, both the naïve iPhone apps, Meerkat and Periscope appear evenly matched, but Periscope clearly wins in most of the important features like interface, access to twitter’s social graph (limited for meerkat), GPS location (meerkat app doesn’t have), video streaming quality, Celebrities, the ability to watch streams even after they're no longer live (for 24 hours) and last but not the least the number of users.
Right now, Periscope has a clear lead that makes it the most downloaded live streaming video app with much more accessibility. In other words, if Meerkat stays the way it is, it won't last long because meerkat video has a lot of catching up to do. With the meerkat app, one can like or comment on the live streaming while in periscope video one can use a killer feature like infinite hearts which enables you to tap as many times as you like or you can just double tap to send two hearts simultaneously.
Source: http://www.yatko.com/develop/meerkat-vs-periscope-vs-spycam