Nowadays artists can blow up over night, literally, courtesy of YouTube. YouTube is becoming more and more of a leader when it comes to breaking new artists and music, as rappers and singers alike take to YouTube to post their amateur videos, in hopes of catching a little fame. On top of this, Billboard has begun counting YouTube views for the charts.

Now YouTube will be paying tribute to its many users, by hosting their first ever YouTube Music Video Awards. And they're already bringing in the big guns-- Eminem and Lady Gaga are set to perform, while Spike Jonze is going to be the creative director for the awards show.

The show will honor the most-viewed YouTube videos over the past year based on global music video views and shares. The nominations will be released on October 17th, and fans will be able to vote for who they want to win via social media.

The event is going down live in New York City on November 3rd at Pier 36, and will be hosted by actor Jason Schwartzman. Jonze promises that it will "feel like a YouTube video itself."

Em's new album, MMLPII, arrives two days later on November 5th.