Eminem, Lady Gaga, and Arcade Fire Set to Perform at Inaugural YouTube Awards Show (VIDEO)

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Eminem, Lady Gaga, and Arcade Fire are set to perform at the first Youtube Music Awards on Nov. 3.

"It's our chance to really celebrate the artists and the songs that have become hits on YouTube over the past year," said Danielle Tiedt, YouTube's vice president of marketing, to the LA Times.

Hosting the award show will be funny man, Jason Schwartzman, as the night will be live in New York and streamed on the site and include musical performances from all over the world.

"There's no question that YouTube is one of the premiere sites for where people go to consume music now," said Dave Bakula, Nielsen's senior vice president of insights.

The nominees will be announced on Oct. 17 and be based on top videos that have been shared and watched throughout the year. Social media will help determine the winners, according to Rolling Stone magazine. There will be six categories for viewers to vote on right up until the show.

Spike Jonze will serve as creative director and Sunset Lane Entertainment and Vice Media will be the executive producers.

"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 to the site. "The idea is let's get a bunch of interesting artists together and have a night that's all about making things."

YouTube has become a premiere destination for music much like MTV did in the '80s.