This study aimed at using the Networked Flow (NF) model to investigate group collaboration in the context of musical bands. We analyzed the relationship between flow, social presence, structural dynamics and performance as they related to 15 bands in a rehearsal room. Flow was measured using the Flow State Scale; social presence was assessed with the Networked Minds Social Presence scale; and interpersonal communication structure (exchange of gazes and verbal orders) was assessed by means of Social Network Analysis (SNA). In addition, we considered: (a) a subjective measure of performance, rated by each member on an ad-hoc questionnaire; and (b) an expert rating of performance, based on the evaluation of audio-video recordings of each group. Findings showed the multifaceted nature of the relationship between social presence and flow. Group flow score was a significant predictor of self-reported performance, but not of expert-evaluated performance. Moreover, several correlations were found between flow, social presence and patterns of interpersonal coordination (both implicit and explicit). Specifically, SNA reveals that flow was positively related to exchanges of gazes and negatively associated with exchanges of orders. Overall, this study contributes to further elucidating the complex interplay between group flow and intersubjective dynamics in music collaboration.