Another music awards show? Yes, entertainment giant Live Nation Entertainment Inc. is teaming up with talent and marketing agency IMG Worldwide and Santa Monica’s Dick Clark Productions for a new “Live Nation Music Awards.”

The show will focus on honoring the big business of live performances, which is a $20 billion industry, according to Billboard Magazine.

IMG Chief Content Officer Mark Shapiro, who is also a former chief executive at Dick Clark Productions and sits on Live Nation’s board, introduced the idea of the awards show to Live Nation.

While Shapiro acknowledges the presence of other music awards shows, including the Grammy Awards and the American Music Awards, which is produced by Dick Clark Productions, he said this one will offer something different.

“There are several great music franchises already in play, but no one honors live performances,” Shapiro said. “We’ve created a platform to honor the best performances and festivals.”

The awards show will hand out hardware in categories unique to the live performance industry, including highest-grossing tour, best reunion tour and best special effects, Shapiro said.

The awards show is scheduled to debut on Oct. 1 and will be simulcast on TNT and TBS.