I'm guessing that the deal is they're doing new transfers of videos that were shot on film but originally transferred to videotape for the final masters.
I mean, look at Michael Jackson's "Thriller". It has the appearance and feel of something that was shot on film originally, but you also can tell from the soft appearance of the final result- and the fact it's only in standard def 480p- that even
the current official copy is based on a (crappy old-school analogue NTSC) videotape transfer.
In that case, since everything up to and including the final captions and credits (#) was done on film, the potential exists to get a much higher resolution transfer simply by rescanning it. (##)
However, from what I can tell, "Video Killed the Radio Star"- like a lot of videos of its time- appears to have been entirely shot on video equipment in the first place- presumably UK 576 line PAL- so that's all there ever was to it. You might get a pseudo-HD version by sophisticated upscaling, but that's it.
Ironically, a lot of *later* videos- late 80s and much of the 1990s- run into a similar problem again. Due to improvements in digital equipment et al, by that point it was possible to take film-based source footage but do much more of the editing and effects on video equipment. Unfortunately this was still just standard definition. Which means that, unlike the everything-done-on-film-except-the-final-transfer case of "Thriller", if you want (for example) Jackson's 1991 "
Black or White" video in HD, you're probably going to have to re-edit it from the original sources and redo a lot of the post-processed effects (many of which would only ever have existed in SD in an early-90s digital effects machine).
(This is also why Star Trek: The Next Generation's remastering was far more complicated than that of the original 1960s series. The latter was shot and edited entirely on film, so it was just a question of doing a better transfer. The former was mostly shot on film, but the editing and a lot of effects were done entirely on SD video equipment).
(#) Note that "judder" on the lettering
here that's a trademark of film transferred to video. OTOH, you can also tell that it *has* been transferred to analogue video at some stage by the very minor colour interference/fringing around those same letters.
(##) Considering how famous Thriller is, it surprises me they haven't done this already. Maybe it's something to do with the rights. I'd be incredibly surprised if they hadn't archived at least one copy of the final edited film before it was transferred (though stupider things have happened). Maybe they already did it and realised how badly the HD transfer showed up the effects and makeup that were only intended to pass muster at SD?