Today at 5 PM, Youtube will be showcasing its first live stream as it broadcasts a YouTube Live celebration. The feed comes from San Francisco and will be streamed in its entirety.

Performers scheduled to appear include Katy Perry, Joe Satriani, will.i.am and the guys from Mythbusters.

Youtube has yet to issue any formal announcements regarding a livestreaming service like those available via services such as Ustream and Stickam. Expect an announcement of the sort sometime after the celebration.

Chris Di Cesare of YouTube says the event may be the first of a series of annual live-streamed concerts that celebrate the year in viral videos. Sort of like an Oscars celebration, or the season finale of "America’s Funniest Home Videos." Watch a preview video for the event below: