Unfortunately, I don't know if everything is working as planned -- the concert has probably finished up by now, and I don't see the app live on the US App Store, even though it was supposed to have been released worldwide. It's possible that the band figured they'd release the app quickly, without realizing that Apple's approval process is a little busy around this time of year.
But at any rate, it's an interesting idea. We've already seen musical acts use Apple's platform to share content with fans, and live streaming shows as a "virtual ticket" is another cool idea that even smaller bands can use to gain an audience. I think we'll see more of this in the future (and maybe then it won't be so lost in the huge rush of apps during this holiday season).