The band was comprised of Jeff Cannata and Michael Soldan, who had previously been in Jasper Wrath, a locally famous Connecticut progressive rock band. After Jasper Wrath broke up in 1976, Cannata and Soldan continued to work together and eventually secured a recording contract as Arc Angel. The record was put together using studio musicians; while the video appears to show a band, Arc Angel was in fact a Cannata and Soldan project.
Although Arc Angel was not a success, "Tragedy" from their 1983 eponymous debut album did pick up some radio play. However, I don't recall ever seeing the video at the time. While the music did not break any new ground, it was a well-produced slice of album rock and I think the band deserved more success than they found.
After Arc Angel, Jeff Cannata remained in the industry, and released records under the Cannata name. Arc Angel (with Michael Soldan) also released a second album in 2002, called Tamorok.
Cool trivia fact: the intro (backwards) lyrics are "Never Gonna Fade Away."