The social media world is getting its very own awards show.

Dermot McCormack (MTV’s executive vice president of digital media) has just announced the creation of a new awards show that will focus on digital content and social media alone. While its name is yet to be announced, we already know that it will take place in Spring of 2011, and that audience participation will be its defining elemen.

As opposed to the music and movie awards we all have grown to know, this new show will take place entirely online. Social conversation will keep the whole thing together, and the audience itself will be responsible for picking the winners for each category.

MTV has yet to announce the exact awards that will be doled out, but it is not much of a stretch to think of categories such as “Best Music Applications” and “Best Music-related Moments In Social Media” (such as this one) being included.