Live theater is uniquely tested by the virus, one reason it will be among the last sectors to return to normal. It's not technically live theater, but its soul is theatrical. Play and musical licensor Concord Theatricals says theater companies across the country are looking for flexibility in case of virus restrictions. Launched shortly before the pandemic with 15 podcasts, the theater shutdown initially wiped out its revenue streams, advertising and sponsorship. “It’s not anything that will ever replace live theater, but it’s an extension.