know if the player is ready for live stream in android

Question

Hello In my android application i am using rtsp live links to play my videos.I am placing a buffering screen before the videoplayer screen.Now the issue is like after buffering screen it takes some time to actually start the player.

Is there any way in android that i could know if the player is ready to play and then disappear the buffering screen.

I also would like to catch the error if the link passed cannot be played.

Please forward your valuable suggestions.

Thanks in advance:)