MBONE: Multicasting Tomorrow's Internet
You can think of multicasting as the Internet's version of broadcasting. A site that multicasts information is similar in many ways to a television station that broadcasts its signal. The signal originates from one source, but it can reach everyone in the station's signal area. The signal takes up some of the finite available bandwidth, and anyone who has the right equipment can tune in. The information passes on by those who don't want to catch the signal or don't have the right equipment.
On a multicast network, you can send a single packet of information from one computer for distribution to several other computers, instead of having to send that packet once for every destination. Because 5, 10, or 100 machines can receive the same packet, bandwidth is conserved. Also, when you use multicasting to send a packet, you don't need to know the address of everyone who wants to receive the multicast; instead, you simply "broadcast" it for anyone who is interested. (In addition, you can find out who is receiving the multicast -- something television executives undoubtedly wish they had the capability to do.)