The performances could be live or prerecorded, obviously charging more for live. The performers could be captured via some form of 3d capture.
The viewer could then have their choice of viewing angle. Think how much fun it would be to watch a musical from the stage!
Some artists might even start experimenting with making it interactive.
I live far away from most cultural events, and would absolutely adore being able to catch a ballet again without having to get on a plane.