Is Livepeer decentralized?

Could you elaborate on the decentralization aspect of Livepeer? I've heard that it's a blockchain-based video streaming network, but how truly decentralized is it in its operation? Does it rely heavily on centralized servers or is it completely reliant on peer-to-peer connections? Furthermore, does its governance structure promote decentralization, or are there any centralized entities that have significant control over the network? Understanding the level of decentralization is crucial for evaluating the network's resilience and long-term sustainability.