The concert, which took place at both Wembley in London and in Philadelphia in the United States on July 13, 1985, was organized by musicians Bob Geldof and Midge Ure to raise money for famine victims in Ethiopia.
The musical, titled "Just for One Day" will feature songs played during the concert by U2, Queen, Elton John, Paul McCartney and Sting, among others.
Around 1.5 billion television viewers around the world are estimated to have watched the concert, which raised several million for the famine victims.
Based on testimonials
Bob Geldof told the BBC that the musical, created by John O'Farrell and Luke Sheppard, is based on actual testimonies from people who were at Live Aid. He also says that he was not thrilled when the idea of the musical was presented to him by the creators.
"They came to me and said, 'We know you're going to say no, but we want to do this because our dads never stop talking about that day,'" Geldof told the BBC.
The musical is being staged with the permission of the Band Aid Charitable Trust, which will receive ten percent of the box office revenue.