Video-sharing service YouTube has announced its first music awards, which will be presented at a live event November 3 featuring Lady Gaga, Eminem, Arcade Fire and others.

YouTube said the awards are a recognition that "music fans have turned YouTube into the world's go-to music destination."

"Now, to celebrate music fans and the music you love, we're announcing a new kind of awards show--one powered by you," YouTube's marketing vice president Danielle Tiedt said in a blog post late Monday.

The Google-owned service said it will make nominations on October 17 and "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."

The awards will be made in a live-streamed event including "top artists and some of YouTube's biggest stars."

It will feature "performances and musical collaborations from Seoul, Moscow, London and Rio, culminating in a live event in New York City," Tiedt said.