This "global" event is usually held in Monaco, and has also been in England and obviously in the United States, they are currently discussing hosting it in South Korea. Even though this committee is not foreigner friendly, this event could be one of the leading steps to bring westerners to notice the talent that is confined in Asia.
The stages built in South Korea not only for music videos, but also for "live" shows are outstanding. One of my all-time favorite is Big Bang's Las Vegas (thanks to SBS for their amazing staging through 인기가요 (Inkigayo)!)
Therefore I really anticipate for this to be official and hopefully see our Kpop artists shine!
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