Since MTV is all about pregnant teens and Miley Cyrus documentaries now, those interested in seeing full music videos have turned to YouTube, so it only makes sense that the platform host a music awards show. And while we may normally glaze over a YouTube Music Awards Show pitch, the right names were thrown our way, along with this video from the charming Jason Schwartzman, who will host the show (Spike Jonze will be the creative director):

The show, which will take place on November 3rd, will feature "propelling unknown artists" (presumably those who have found some fame on YouTube) to more established artists like Eminem, Arcade Fire, and Lady Gaga. And just as YouTube is filled with user-generated content, the show will be powered by the audience as well. From their announcement:

"In mid-October, YouTube Music Awards Nominations will be announced based on the videos that you watched and shared over the past year. We’ll then call on you to determine the songs and artists honored, by sharing the nominees across social media so the awards are judged in full view of everyone. There will be a whole lot more music to enjoy on YouTube around the Music Awards. In the days leading up to the November 3 event, nominees will share official music videos, covers, parodies, concerts, interviews and fan videos on YouTube."

Stay tuned, as they promise more details to come... like, where this all going down in New York in November. So, is YouTube the new MTV we've been waiting for?