Is it really necessary? 

It was just a matter of time before we had the YouTube Music Awards.

YouTube has played a role in the discovery of numerous musical acts. Streams on YouTube now count toward chart numbers on Billboard, so why not have an awards show?

The first-ever YouTube Music Awards will be on November 3. Lady Gaga and Eminem are scheduled to perform. There will be six categories (hardly an awards "show", if you ask me).

Nominations will be announced October 17, and they'll be based on the most popular videos over the past year. Then, the fans will determine the winners by sharing the clips across social media.