Hi Ben, you could consider a loop until live video where you have already placed text or say in the video, “Please stand by.” This is a really great option because it maintains the connection between the server and the players/clients until your encoder reconnects.
Otherwise, all those clients would disconnect and you would have to manually restart the stream.
Did you see this tutorial on how to set it up and use cases?
https://www.wowza.com/blog/loop-a-pre-roll-until-a-live-stream-starts