The great Jason Schwartzman will host the inaugural event.

YouTube has announced it will host its first ever music awards show on November 3 in New York. The ceremony will be live-streamed with performances from bonafide big-hitters Eminem, Arcade Fire and Lady Gaga, and prizes will be awarded in seven as-yet-unknown categories.

Spike Jonze, the  man behind music videos for Beastie Boys and Bjork, will be the creative director of the show, while Wes Anderson regular Jason Schwartzman will host. Other performances on the night will come from musicians who found fame through YouTube, including violinist Lindsey Stirling and experimental video collective CDZA.

The nominations, to be announced on October 17, will be based on the videos watched and shared on the site over the past year. Fans will then be asked to judge the selected songs and artists by sharing them across social media (thus boosting YouTube’s traffic, naturally). Read more about the plans on YouTube’s blog.

YouTube’s move comes a few months after an update to Billboard’s Hot 100 methodology allowed YouTube streams to count towards the charts alongside sales and airplay, a move which has shaken up the U.S. charts significantly, with Baauer’s ‘Harlem Shake’ hitting the top spot after a spate of viral videos were watched by millions.