Everything You Need to Know About the 2014 Billboard Music Awards

Ludacris will host the 2014 Billboard Music Awards, which will broadcast live from Las Vegas Sunday at 8/7c on ABC. The event will feature performances from today's leading artists, including Robin Thicke, Katy Perry and Jason Derulo.

Shakira, 5 Seconds of Summer, Ariana Grande, Florida Georgia Line, Iggy Azalea, Imagine Dragons, Jennifer Lopez, John Legend, Lorde, Luke Bryan, Miley Cyrus, Miranda Lambert and Carrie Underwood, OneRepublic, Pitbull and Ricky Martin will also perform.

See the best fashion from last year's Billboard Music Awards

Presenters will include Shania Twain, Phillip Phillips, Josh Groban, Lucy Hale and Fun. Guitarist Jack Antonoff.

As for the awards, which are determined by album and digital sales, radio airplay, touring, streaming and social media interactions, Imagine Dragon and Lorde lead the nominations, followed by Justin Timberlake, Perry and Macklemore & Ryan Lewis. Thick, T.I., Pharrell, Daft Punk, Cyrus, Rihanna, Avicii, Capital Cities, Zedd, Bryan and Sidewalk Prophets are also in the running for awards.

Add new fall shows to your Watchlist!

Carrie Underwood, Ellie Goulding and OneRepublic are competing for the 2nd annual Milestone Award, which goes to an innovative artist who achieved a notable chart milestone in the past year.

The event has also been promoting a special Michael Jackson tribute, which features a hologram of the King of Pop performing a never-before-released song "Slave to the Rhythm." But according to TMZ, a last-minute lawsuit threatens the plan.  Alki David, who claims to control the rights to the hologram technology, filed a suit Thursday against Jackson's estate and  Dick Clark Productions to stop them from using his technology since he has his own high-profile MJ performance planned.

Howard Weitzman, a lawyer for Jackson's estate, told the website, "This is another Alki David stunt, no different than his claiming that Brandon Howard was Michael Jackson's son.  It is ludicrous ... and the show goes on."

Will you watch the Billboard Music Awards?

Watch This Tonight: Shark Tank — find out why it's today's editors' pick.