The timer is managed under Events > Events

The timer is controlled by events that have the "Live Event" category assigned, and it will automatically countdown to the next event date/time that has the "live service" category assigned (one time and recurring events).

The countdown title/link before the timer is managed under Content > Link Lists > "Countdown Bar 2"

You will see one item in the list titled "Watch Live Now!". Within that item, the name field controls the text displaying when you're live, the "link" field controls the link for the title, and the "description" field controls the title text that shows with the timer.