The asymptotics of characters \chi_{k\lambda}(\exp(h/k)) of irreducible representations of a compact Lie group G for large values of the scaling factor k are given by Duistermaat-Heckman (DH) integrals over coadjoint orbits of G. This phenomenon generalises to coadjoint orbits of central extensions of loop groups \widehat{LG} and of diffeomorphisms of the circle \widehat{\rm Diff}(S^1). We show that the asymptotics of characters of integrable modules of affine Kac-Moody algebras and of the Virasoro algebra factorize into a divergent contribution of the standard form and a convergent contribution which can be interpreted as a formal DH orbital integral. For some Virasoro modules, our results match the formal DH integrals recently computed by Stanford and Witten. In this case, the k-scaling has the same origin as the one which gives rise to classical conformal blocks. Furthermore, we consider reduced spaces of Virasoro coadjoint orbits and we suggest a new invariant which replaces symplectic volume in the infinite dimensional situation. We also consider other modules of the Virasoro algebra (in particular, the modules corresponding to minimal models) and we obtain DH-type expressions which do not correspond to any Virasoro coadjoint orbits.
