Subtitles are NOT Closed Captions - Please Change
Many people think "closed captions" and subtitles are the same; they aren't.
CC denotes who is speaking (for ex: "Albert: I think it's rather nice out!").
Subtitles only show what is being said (for ex: "I think it's rather nice out!").
It might not be a big deal to most, but if you're deaf, this is huge. It's literally the difference between something easy to follow (actual CC) versus realtime subtitles that might not even accurately represent what's being said.
I know streaming isn't movie making, but imagine watching, say, The Witcher with the sound turned off, but with subtitles on. Even better, go do it. You'll notice two things quickly:
1) The irony of having to read lips despite having subtitles - it's the only way to figure out who's saying what (this is just about impossible for most people)
2) Strong physical/emotional reactions to things you can't see - because they're loud noises. Or suspicious noises (footsteps in a dark room, say). If you're deaf, you have no idea what the character is reacting to.
It's not only un-fun, but I've actually watched my sister kind of wither when getting frustrated with subtitles. It's difficult to see that and not say something :/
I'm not complaining. Having live subtitles is a wonderful feature. I know it's an inconvenience because of the [cc] you use to refer to the feature. But it's not [cc], and, though we try not to say anything about it, it really does need to be fixed (renamed).
As a creator, I can't truthfully put [cc] in my title's feed because it can't be [cc]'d by realtime subtitles. That means I can't use the tag. That means the deaf and hard of hearing might not find my content. Like my sister, for example, and the deaf friends I've made along the way from being in her life (which includes a couple gamer friends).
It's also dangerous to leave it as-is because people will eventually think subtitles are "[cc]". It will solidify the confusion between subtitles and closed captioning. Then, in the future, when others speak up about this problem, the argument will be: "But Twitch already has [cc]!!!"
Then the "subtitles aren't closed captioning" argument begins all over.
Please, please, please find a way to accurately represent the subtitle feature. I know the mistake isn't intentional. As a dev, I know how important it is to get accessibility right. I also know twitch is a behemoth to maintain, and that nobody can be everywhere at once to catch everything. Which I suppose is why we have these forums :)
Thank you.

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rebgreen commented
I cannot support this more. The Twitch desktop app would show who was speaking what words for a popular multi-participant program in which so many are speaking at one time.
When I received an email stating that the desktop app would be discontinued and to move to twitch.tv, I began watching using my browser and notice that the text excludes the speaker's name as Neopole states. This is a *requirement*, not a "Wouldn't it be nice to have..." and given the capability that was on the app, someone was providing that speaker's name. Why would Twitch.tv deliver -less-?