With MTV now better known for its reality shows and annual awards than a place for music videos, few would argue that YouTube has now become the definitive home for all things music videos. Now, Google's site is looking to expand its music credibility even further: YouTube has announced its first music awards, made up entirely of artists and videos voted for by the site's users.

Voting for the best music videos will start on October 17th. The awards event on November 3rd will feature performances by Lady Gaga, Eminem and Arcade Fire. The latter band will be performing a few days after the release of their latest album Reflektor. 

The show will be hosted by actor-musician Jason Schwartzman of Rushmore fame. The show - live from New York but featuring performances from international locations - will be directed by Spike Jonze. Before his career as a critically acclaimed film director (Being John Malkovich, Where the Wild Things Are), Jonze was the director behind iconic music videos such as Fatboy Slim's Weapon of Choice and Praise You.

You can watch the announcement video below, complete with twerking reference: