A CHANNEL can be a mix of both Live and VOD content. Channels can be set to TV or Grid Mode, when when a stream goes live via Live Streams or Scheduled Content, the channel will flip into Live mode, and then resume its offline state when the stream is over.
A LANDING PAGE is VOD content only. It features a mix of row types (spotlight, video, playlist and channels) that users can select from. The landing page will never have live content, meaning you cannot schedule content or add a live stream to a landing page. Overlays will NOT appear on landing pages, however you can add a sidebar to your page for interactivity.