A fucking joke made by MTV. Basically, all of the "artists" you hear on the Top 40 radio station, and anyone who appears on MTV and B.E.T. automatically win an MTV music award. Talent and originality are not required to win one.
If you're an independent artist, or a jazz/rock/orchestra musician, forget it.
Hey, look. Some bubblegum-pop star whose music was played on Total Request Live for five months straight was nominated with 29 MTV Music Awards.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).