In collaboration with orchestras such as the London Symphony Orchestra, New York Philharmonic and several others, the video sharing site has launched the "YouTube Symphony Orchestra Project".
Billed as the world's first collaborative online orchestra, the site wants users to submit videos showcasing their musical talent.
Beijing Olympics theme music composer Tang Dun has written the audition piece. He told the BBC his latest composition was inspired by walking around the streets of New York and hearing the sounds of mechanics.
"The internet is an invisible Silk Road, joining, people across the world. Anyone can download a score of my Internet Symphony No 1 'Eroica', pick any part of it and play it with any instrument or object, in any style," he said.
In addition to Tan Dun's piece, users will also have to perform a famous classical piece of their choice demonstrating their musical and technical abilities. A panel of experts will then whittle the field down to a shortlist of semi-finalists who will then be voted on by YouTube viewers.
The competition hopes to inspire musicians from all over the world. "Music means so much to different people, in different countries. It's not just about the note of music, it's about discovery," said, the music director of the San Francisco Symphony, Michael Tilson Thomas.
With just three months till the competition deadline in February next year, anyone hoping to perform on the world stage and be part of musical history must act quickly.
As New York Carnegie Hall's executive director Clive Gilinson puts it, "This will be a one-of-a-kind moment in classical music, bringing musicians together in a totally new, modern and compelling way".
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