AceShowbiz -

The biggest video sharing site, YouTube, will host its own music awards show on November 3. Set to be live-streamed to countries around the world from NYC's Pier 36, the inaugural event will feature performances from mainstream artists that include Eminem, Lady GaGa and Arcade Fire as well as YouTube sensations Lindsey Stirling and CDZA.

During the 90-minute event, YouTube will hand out seven awards to the nominees in each categories. Nominations for the awards will be announced on October 17 and viewers will then vote online by liking or sharing videos.

Filmmaker and music video director Spike Jonze has signed on to be the creative director of the award show, which will be hosted by actor Jason Schwartzman. Jonze said that he's looking forward to working with Eminem, GaGa and other performers at the upcoming event.

"Instead of bands performing to an audience on a stage, we're going to have a warehouse with all these different sets and try to make live music videos throughout the night," Jonze said. "The idea is let's get a bunch of interesting artists together and have a night that's all about making things."

YouTube Awards joins shows like Grammy Awards and MTV Music Video Awards. However, YouTube's vice president of marketing, Danielle Tiedt, has said that the upcoming event is more than just creating another award show.

"We're trying to create live videos during the award shows so that the experience becomes more about creating than presenting," said Tiedt. "Music is our bread and butter and our heart and soul here at YouTube. Our main goal is to not just do another award show. We wanted to do something special."