When creating a virtual event, new avenues of creatively present themselves.
Some ideas to consider:
Multi-act music festival: consider having several acts perform for 20-30 minutes on the same event along with some community Q+A.
Music or comedy series: create a weekly virtual series, alternating genres.
Dual comic performance: let the comedians banter back and forth and feed off each other.
Masterclass: an interactive lesson on song or joke writing.
Academic tie-ins: work with an academic department to jointly present a performer w/ an educational message.
Film or TV screening: have a performer livestream while watching video w/ your campus.
Long story short, be creative!