"Go live (pronounced līv)" is slang for "be released" or "be shown". So, in terms of that message, it becomes "The application will be released next week" In terms of television, "Get ready, we're about to go live in 5 minutes." that becomes "Get ready, we're about to be shown in 5 minutes."

There are two different meanings available. It can mean the release of something to the general public; In this case some sort of software. However, there is also the media term, which needs some clarification. When they say they are "going live" on television, it means that video feed is been shown immediatly, with as little delay (usually seconds) between when it's recorded to when it's seen. This is common for news programs that want to stay up to date as possible, and differs from standard television which is usually prerecorded programming.

It's not only in talking about software. To go live is used in mass media communication.