How I thought of this idea: Last night I attended an outdoor concert in which the band was under a tent, with some space under the tent for standees, and the audience was on the grass outside. It was a fine concert, but we couldn't see the band because it was dark inside the tent (and very bright outside) and because the standees blocked the view. They could have fixed this by putting the band on a raised stage (~2 feet high), but this would have meant that our view of the band would have been blocked by the tent roof, which is 8 1/2 feet high at the edges. This made me think: Why not have a tent whose roof is 12 feet high at the edges? That would fix this problem, and I don't see any engineering reason why this isn't feasible. Of course you would need a stronger structure to hold up the tent, and it would be more expensive. I asked a tent rental company about this. They said they don't supply any such tents; the max height for the edge of the roof for their tents is 8 1/2 feet. They said they don't know if any such tents are available in the U.S. Hence this posting. There must be thousands of outdoor concerts a year where they face a similar issue, so there should be a large enough market in the U.S. to make this idea practical. They need to put the band under a tent both to protect them from sunlight and in case of rain. (Attendees are willing to sit in light rain, but the band can't get rained on because it would short out their electrical equipment and cause a hazard.) And in most outdoor concerts at setups that aren't permanently in place, the audience covers an area of 8,000 sf or more, so it isn't feasible to put the entire audience under a tent.
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The producers of that show are either cheap, or don't know where to get that stuff.
One can get from professional show companies, outdoor stages with coverings.
Not only would it be expensive, you'd also have to deal with middle-atmosphere weather. Wind along the ground, though it can move at high speeds, is still much slower than wind in higher altitudes. It's not impossible, just risky. You'd want to know the conditions if you were entrusted with erecting a couple hundred pounds of material over the heads of thousands.
Chances are also good that a material that is waterproof but permits airflow is also much more expensive than what many will pay for.
If you put the band on an elevated stage as you suggested, then you could simply erect the tent on top of the stage also.