We propose a novel approach for construction of stable peer-to-peer overlay for Application Layer Multicast using honeycomb structure. This structure is focused on single source Audio/Video streaming on Internet. Bandwidth, stability and failure recovery are primary metrics in this application domain. In our Honeycomb approach, we propose an algorithm for clustering peers into a stable honeycomb structure, utilizing nature stability of honeycomb to let failure recovery to be done regionally and quickly with impact only on a small number of peers with no burden on the source server. Based on basic Honeycomb overlay, we propose a mechanism to efficiently use bandwidth by exchanging suited peers' position in overlay. Finally, Simulations using NS-2 prove the stability of Honeycomb.