Biden's call to action comes on the heels of the Senate Judiciary hearing targeting problems in the live music business.
Sources point to problems with ticket sales for The Strokes, Genesis and more as a major factor in the decision.
Politicians are gunning for Live Nation with the threat of a new DOJ probe.
CEO Thomas Cussins estimates the company will lose "several hundred thousand" per year in revenue, but hopes to foster "a healthier concert ecosystem"
The company's modest gains outperformed competitors and major indexes.
Live Nation president and CFO Joe Berchtold was in the hot seat at today's Senate Judiciary Committee hearing on ticketing.
Live Nation president and CFO Joe Berchtold will detail how disruption caused by bots makes ticket-buying worse for everyone, calling for government action.
The Senate Judiciary Committee will convene for a hearing focused on "promoting competition and protecting consumers in live entertainment."
"I believe working class people should still be able to afford tickets to shows," the country star said.
The class-action complaint claims the companies "intentionally and purposefully" misled fans into believing they would prevent bots and scalpers from participating in the presale.
