Twitch client that notifies me when a followed streamer comes online
It's good that you use absolute imports instead of wildcard imports.


VERSION_NO = 1.0



While it is usually correct to use ALLCAPS for constants, the version number should be called __version__.  That way, the help() function will know which version the program is and will display it accordingly.

Using % for format strings is not officially deprecated, but it is recommended to use .format() instead since it is more flexible.

When you have a try: block, you presumable know what errors could possibly happen.  You should list those errors in your except: statement.  That way, if one comes up that you didn't expect, you will know about it.  You might want to have two except: blocks: one for the errors you know about, and one for all the rest.  The second might be except Exception as e: print e, "Something has gone wrong.  Please ..." or whatever.


except ValueError, e:



In Python2, you use parentheses around multiple errors that you want to catch, but the syntax used above means to call the error e.  In Python3, the parentheses are not needed, so what that line means is to catch all errors of type ValueError or of type e.  What you do in Python3 is to use except ValueError as e:  That is still possible in Python2, so to be in good practice, you should use it here.


if stream_info['stream'] is None:
    return False
else:
    return True



That's great that you used is None instead of == None.  Many people wouldn't do that.  The problem I have with this code is that if ... is checking if ... is True.  Since you are already creating a boolean, take advantage of it and do it in one line:

return stream_info['stream'] is not None