Listen to the song numerous times before starting to edit. It is important to understand the beats and flow of the song before anything is edited. It is the job of the music video editor to make sure that all cuts and movements in the video are synched to the music.
Since you’ll be editing the video around the song, you’ll need to first add the song to the audio track. Once the song is added to the timeline, it is time to get started on the music video editing. If you are editing together a live footage music video, there are a lot of precautions to worry about.
Start out by using the main master shot of the band playing the song by synching the song and concert footage. After the main footage is added to the timeline and synched, it is time to start working on various cuts and angles. Using the knowledge you have of the song, take one specific instrument to work with at a time.

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For example, find where the guitar delivers signature riffs or breaks into a solo and start working through the footage of the various close-up and medium shots of the guitarist in action. The lucky thing is, unlike lip synching, it is not as important to be exact when it comes to the guitar work, so you can use what looks best without being perfect. However, keep it as close as you can to avoid the video looking wrong. There also might be a reason to add extreme close-ups on the guitar itself. In this case, make sure it is for the exact moment of the song, synched as close as possible. Otherwise, don’t use it.
One of the main subjects of the music video is of the singer as he belts out the lyrics. There should be many different angles on the singer throughout the song and you have to make sure to get the lips synched as best as possible. You may not have a good shot of specific parts of the song and that is when you need to cut to another band member, a wide shot of the group or a cut-away shot like the crowd.
Make sure to use various angles, cutaways and action or close-up shots to keep the video from appearing repetitive and boring.