First, live, stand up concert to be filmed, and at the time, especially with Pryor's language and topics, was considered to be a real risk. According to website 'Wikipedia', the movie was the "first full-length, feature movie consisting of only stand-up comedy, often hailed as one of the seminal and most influential recorded stand-up performances of the modern era".
Huey P. Newton was sitting in the audience. Richard Pryor announces this fact to the audience but Newton is not actually shown in the film. Director Jeff Margolis later explained that he had no cameras aimed at the audience, but would have had he known Pryor was going to introduce him.
An audio version of the movie was released on a double-LP in 1978 and was entitled "Wanted: Live in Concert" (aka "Wanted/Richard Pryor - Live In Concert") similar to but not exactly the same as Richard Pryor: Live in Concert (1979). It ran for about eight minutes longer and included recordings from other concerts in the same 1978 tour but none from the Long Beach, California venue that was used for this movie.
The film's opening credits declare: "Patti LaBelle was an important part of the following program. Time does not permit us to include her in this recording but we gratefully acknowledge her performance".