It's common to wear ear plugs at concerts, to avoid destroying your ears. Not imagine replacing those ear plugs with in-ear headphones that filter everything except your family/friends and the concert, while regulating the volume (if your SO talks to you make that one voice loud over the rest), maybe keep the "crowd noise" going with the flow but remove normal conversations for people around, etc ...
I'm not in ML/AI/etc ... At all but my understanding is that none of that is actually impossible with current tech ? Sure the battery and power limits exists, but this is a concert those headphone with a "band" going behind your head to keep them in place / not lose them if it falls makes sense. Would need some training for "your voice" but if alexa can do it in 10 seconds then a phone app can do that too.
Hell, if it existed for movies theater at below 200€ I would probably buy one right now and maybe go to the movies again.