streaming Video via Bluetooth

Hi,
In a home shopping channel I saw a new LG smartwatch with a small 200x200 pixel display. It costs 200 USD and it connects to a LG "L3" smartphone via "Bluetooth 4". I'm not sure - but I think when the smartwatch is playing a video it is possible to see the video on the smartwatch simultaneously.

My question:

is there an App making a smartphone able to send a video-stream via bluetooth?

The standard bluetooth specification v1.2 sends 721 kBits per second (and a standard stream with audio has a stream rate of 200-300 kBits per second).

I want to be able to receive a video stream via a second smartphone (or a desktop PC with a separate bluetooth stick)