New Zealand is to get its own Music Hall of Fame in a joint initiative between the Recording Industry Association of New Zealand and the Australasian Performing Right Association.

Modelled on similar industry events around the world, the venture is designed to honor artists who have made a significant contribution to local music over the past 50 years.

At one stage, both APRA and RIANZ were working on their own, individual Hall of Fame events.

The first two inductees will be unveiled separately at the organizations' main awards events in September and October, respectively. From 2008, recipients will be inducted at one stand-alone event.

"These events happen all round the world and it's about time we did it here," RIANZ CEO Campbell Smith comments. "Every young person that wants to make music needs heroes to aspire to. Both RIANZ and APRA agree that we can't celebrate them enough."

This venture represents a first for the two industry bodies. A joint APRA/RIANZ executive committee will be established to determine and consider candidates each year.