I could be wrong but the video ring beam is the continuous display that wraps around the arena on the balcony face at the first row of the upper bowl. Sounds like they are upgrading it to a higher quality display, so it will have a higher refresh rate, higher pixel density, brighter, fuller color gamut. Typically they are a lower quality display that are used mostly for marketing during games, and then they will play things like "LET'S GET LOUD!" and have graphics that fire around the arena. It will also likely involve upgraded software that runs the graphics, so it may be able to be programmed in more creative ways for better eye candy.
These upgrades HAVE to be done by the start of the season, this is where they get a ton of marketing revenue during games. Its not really a thing where they can do half the ring beam now, and half next year, as the marketing teams have to create content for them, so it would be very complicated running chunks of two separate ring boards, if that is even possible. I can't imagine them starting the season without the jumbotron, either, and I'm pretty sure its already installed.