Shoutcast was removed completely in 1.1.0. A VideoLAN Press Release - Shoutcast noted We want to emphasise the fact that features like SHOUTcast or icecast browsing are now doable using our new extension framework and you will find user-contributed extensions on https://addons.videolan.org/.
There are add-ons for Internet radio available at addons.videolan.org but standard installs of recent versions might already be enough. VLC before and after the replacement look much the same, and both seem to allow online listening:
The steps differ slightly: open the playlist and select "Icecast Radio Directory" instead of "Shoutcast Radio".
- ZDNet - New VLC more open source than ever - talks about the motivation behind the 1.1.0 switch away from Shoutcast