The event will be live-streamed on the website, and will honor artists and songs that have accumulated views over the past year and become hits. Actor Jason Schwartzman will serve as host, and Lady Gaga, Eminem, and the Arcade Fire will be honored.
The video streaming site has asked for viewers to participate in selecting the winners. In mid-October, the YouTube Music Awards Nominations will be announced based on videos that have been watched and shared extensively over the past year. Viewers will then be asked to continue sharing and viewing their top choices to determine the winners.
The unique format will allow Latino artists, such as Prince Royce, whose new song "Darte Un Beso" has accumulated 18 million views in one month, to win awards.
The site also encourages viewers to stay tuned in the days leading up to the event for exclusive music videos, covers, parodies, interviews, and concerts with nominated artists.
What do you think? Will you be voting and watching?