The real festivities kick off with the Grammy Red Carpet Show, which starts at 4 PM Eastern Time on Sunday.
The 54th Annual Grammy Awards will take place on Sunday night live from the Staples Center in Los Angeles, California. The Grammys begin at 8:00 PM Eastern Time and will be broadcast exclusively on CBS. You can also watch the Grammys online.The Grammys honor the best and brightest in the music world over the past 12 months, with the National Academy of Recording Arts and Sciences recognizing outstanding achievement in the music industry.
In 2011, Arcade Fire won Album of the year for The Suburbs, and they were the first independent band to win the award. Esperanza Spalding won best new artist, and Lady Antebellum won Record of the Year and Song of the Year for “Need You Now”. David Frost, John Legend, Lady Gaga and Jay-Z each won three awards.
Here is more on the Grammys from Wikipedia:
The Grammy Awards had their origin in the Hollywood Walk of Fame project in the 1950s. As the recording executives chosen for the Walk of Fame committee worked at compiling a list of important recording industry people who might qualify for a Walk of Fame star, they realized there were many more people who were leaders in their business who would never earn a star on Hollywood Boulevard. The music executives decided to rectify this by creating an award given by their industry similar to the Oscars and the Emmys. This was the beginning of the National Academy of Recording Arts and Sciences. After it was decided to create such an award, there was still a question of what to call it; one working title was the Eddie, to honor the inventor of the phonograph, Thomas Edison. They finally settled on using the name of Edison’s invention, the gramophone, for the awards, which were first given for the year 1958.