YouTube has announced plans to host their own music awards ceremony as a live-streamed event in New York City. The event will honor the artists and songs that have turned into hits over the past year and will feature performances from some of the world's top artists according to a blog post on the subject.

Viewers can expect performance from established acts like Arcade Fire, Eminem and Lady Gaga as well as some YouTube stars including Lindsey Stirling and CDZA. Music video visionary Spike Jonze will serve as creative director while actor Jason Schwartzman will host the event, we're told.

Much like MTV's Video Music Awards, YouTube will select winners based on user feedback. In mid-October, the YouTube Music Awards Nominations will be announced based on videos that were watched and shared over the past year. Voting will take place across social media so that all awards are judged in full view of everyone.

In the days leading up to the event, nominees will share official music videos, covers, parodies, concerts, interviews and fan videos on YouTube.

YouTube isn't likely to dethrone MTV's annual VMAs as the must-watch music event of the year. Instead, they are simply looking to solidify their position as the top destination for online videos. Creative director Spike Jonze said they are setting out to create a night that's all about making things and creativity in the spirit of everyone that uses the site. The whole night should feel like a YouTube video itself, he said.