There are generally two things that you have to make a terrific live band video (presuming that you play excellent and place on a terrific show) - terrific audio and a tripod. Forget camera quality, resolution, format, or any type of specifications. If your video sounds bad or is shaking like insane - it's simply a bad video although there are a couple of exceptions that we'll discuss in a minute. Let's look at the audio initially.
In spite of what anybody informs you, audio is always looked down upon as the bad stepchild of photo by video individuals, primarily because they don't comprehend it.