Live Chats are mandatory for the instructor at an institution for which I teach. I have to hold at least one 1-hour live chat per week. I have used music, interactive quizzes and activities, lecture...I have even offered "bonus" material in my live chats to attempt to lure students in. I rarely have a student attend a live chat, regardless of when it is scheduled.
I don't mind conducting the live chat and recording it, but it seems that if instructors are required to hold them, there should be some accountability on the part of students as well. They should have to attend, or at least attend one or two during the course of the semester.