I think it was film - events of this magnitude are typically filmed rather than videotaped (not to mention VT is harder to edit than film and more costly in the long run).
You're correct that up until the mid-80s a concert professionally filmed would probably be made on film. However, by this time I think they were starting to video more of them. There's a dead giveaway this was shot on video, which is the trails left on the screen by the bright lights. That was a problem unique to video in those days which didn't happen on film.
Another thing that used to happen on video in those days, which is very noticeable throughout the Live Aid concert, is the wavy lines that appeared on the screen due to the cameras not being able to cope with loud sound. Somehow they managed to avoid that for this concert. I'm not sure how. They must have been using better soundproofed cameras or something.
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