Scotland has pulled off a "major coup" by bringing the MTV Europe Music Awards to Edinburgh, according to officials.
The chief executive of Scottish Enterprise, Robert Crawford, said the event, known as the Oscars of the music industry, would provide a major economic boost for Edinburgh and the whole of Scotland.
First Minister Jack McConnell said Scotland has the expertise and ambition to be a first-class venue for major events.
He was speaking at a news conference to confirm that the awards would take place on 6 November at the Ocean Terminal in Leith.
'Hungry for more'
He admitted that about £750,000 of public money had been given to MTV Europe
to contribute to the cost of the event.
"I think that's an excellent investment for us here in Scotland," he said.
A week-long extravaganza is expected to attract thousands of visitors and will have a global audience of about one billion people.
MTV Europe will be hosting a series of local gigs and club nights in the days
leading up to the event, featuring new and established Scottish talent.
A limited number of tickets for members of the public will go on sale six weeks in advance.
Public money to bring the MTV Europe music awards to Scotland
£125,000 Scottish Executive
£125,000 Edinburgh City Council
£250,000 Scottish Enterprise fund for creative industries
£250,000 Scottish Enterprise Edinburgh and Lothians fund for tourism
This will be only the second time MTV Europe has brought the ceremony to Britain. London hosted it in 1996.
Scottish Enterprise and MTV had hoped to keep the announcement secret until Monday, but the news leaked out at the weekend.
Mr McConnell said: "We already have a reputation for hosting some of the most spectacular arts, cultural and sporting events in the world and have a track record for producing some of the most successful international bands of recent times.
"We are ambitious and we are hungry for more.
"I am delighted that we can now add the MTV awards to a list which already includes the Edinburgh Festival and the spectacular Christmas and Hogmanay celebrations.
"These events showcase all that is good about Scotland, its music and its people, to the rest of the world."
Scotland fought off competition from Copenhagen and Belfast to hold the awards.
Madonna and Kylie Minogue are among the stars being tipped to appear in the Scottish capital.
The news was announced by Brent Hansen, president and chief executive of MTV Networks Europe.
He said: "We have wanted to bring the show to Scotland for a long time and this year's event will be extra special as we will be celebrating 10 years of the MTV Europe Music Awards.
"We will literally be building a 6,000 capacity venue specifically for the Awards in Western Harbour on the waterfront at Leith.
"This unique venue, combined with the vibrance and energy of Edinburgh - and our 10 year celebrations - promise one of our most electrifying shows ever."