FVV Live is a novel end-to-end free-viewpoint video system, designed for real-time operation, using consumer-grade cameras and hardware, which enables low deployment costs and easy installation for immersive event-broadcasting or videoconferencing. All the blocks of the system have been designed to maximize perceptual video quality, overcoming the limitations imposed by hardware and network, which impact directly the accuracy of depth data and thus the quality of virtual view synthesis. Therefore, it does not sacrifice perceptual video quality with respect to high-end counterparts. The results presented in this paper correspond to an implementation with nine stereo-based depth cameras. However, the design of the acquisition block of FVV Live allows scalability for an arbitrary number of cameras. In addition, FVV Live presents low motion-to-photon and end-to-end delays, which enables a responsive free-viewpoint navigation and bilateral immersive communications. Moreover, the visual quality of FVV Live has been assessed through subjective assessment with satisfactory results, and additional comparative tests show that it is preferred over state-of-the-art DIBR alternatives.