It's one of the world's most spectacular music events, reaching nearly 700 million households worldwide - and next year it's coming to Glasgow.

The excitement was palpable as MTV announced yesterday that it had chosen Glasgow to host its 20th MTV Europe Music Awards at the city's newest venue, the SSE Hydro.

Some of the biggest acts in the world will appear at the Glasgow event on Sunday, November 9, 2014 and the show is expected to generate around £10 million for the city's economy.

The announcement was made ahead of this year's awards, which will be held in the Ziggo Dome in Amsterdam tonight. The awards were last held in Scotland in 2003 at Ocean Terminal in Edinburgh, bringing an economic benefit of £8.9m to the city.

MTV presenter Laura Whitmore said: "Glasgow is the ideal city to host the MTV EMAs in 2014. It's got a great musical heritage, unique culture and I hear the Glaswegians love to party."

Redfoo from the band LMFAO, host of the 2013 EMAs, said: "I am not sure what we'll be doing in Glasgow but I know that the people there are crazy. I'll probably go there a month before the awards to chill out, live with some locals, get into the bars and learn some drinking games. I also want to learn the accent. I've got to marinade into the culture."

Glasgow hosts an average of 130 events a week, with music generating an estimated £75m for the city's economy each year.

To show what the city had to offer, Glasgow City Marketing Bureau (GCMB) and EventScotland began working with MTV in 2009 on a bespoke concept for an event, which became the successful 2010 MTV Crashes show at the Old ­Fruitmarket, headlined by P Diddy.

Councillor Gordon Matheson, leader of Glasgow City Council and chairman of GCMB, said: "It has been our ambition as part of Glasgow's major events strategy to attract the MTV EMAs for a number of years and I'm delighted that MTV has accepted the city's invitation.

"Glasgow proved to be the ideal destination for MTV Crashes in 2010, when Diddy - Dirty Money and a fantastic crowd showed MTV's global audience that Glasgow is a city that knows how to party.

"Since then, we've been working to bring the world's greatest music event to Glasgow and I'm delighted we can announce the next chapter in this exciting partnership."

Mike Cantlay, chairman of VisitScotland, said: "The MTV EMAs are one of the world's most renowned annual music events, and it is fitting they should return to Scotland in 2014, the year we welcome the world.

"With the Commonwealth Games, Ryder Cup, Homecoming Scotland 2014 and now this sensational music event confirmed, our portfolio next year is the envy of many countries … Scotland is definitely the place to be in 2014."

Bringing the event to Glasgow, which is a Unesco City of Music, will celebrate its unique role and fits perfectly with the Scotland Welcomes The World homecoming theme for the year.

Performers at ­previous EMAs include Beyoncé, Jay-Z, Madonna, Kanye West, Lady Gaga and U2, with host cities including Belfast, Madrid, Berlin, Rome, Copenhagen and Milan.

The show's executive producer, Bruce Gillmer, executive vice-president of talent and music programming/events for Viacom International Media Networks, which owns MTV, said: "As one of the world's great music cities Glasgow is always a favourite with artists and the new SSE Hydro will provide the perfect backdrop for the MTV EMAs in its 20th anniversary year. We're thrilled that the eyes of the music world will be on Glasgow next year."

David Lynn, executive vice-president and managing director for Viacom International Media Networks, said: "The MTV EMAs excites huge interest among ­British music fans, so it's fantastic to be bringing the show back to Scotland.

"The 2003 show in Edinburgh was described as 'the greatest party to be held in Scotland in a thousand years' - now we're looking forward to delivering an even bigger and better experience with the 2014 MTV EMAs."

American rapper Eminem, who is celebrating the success of his latest album The Marshall Mathers LP 2, will be honoured with the Global Icon prize at the 2013 Europe Music Awards in Amsterdam tonight.

Katy Perry, Bruno Mars, Snoop Dogg, One Direction and Kings Of Leon are all set to perform at the ceremony. Miley Cyrus is rumoured to be about to top her twerking routine at August's MTV Video Music Awards by performing topless.

Justin Timberlake and Macklemore & Ryan Lewis are leading the nominations, with each act up for five awards.