The Lollapalooza Music Festival 2012 kicked off Friday afternoon in Grant Park, Chicago with well known headliners such as the Red Hot Chili Peppers, The Black Keys, Black Sabbath and Jack White.

The sold-out event will feature 150 acts taking place on eight stages over the weekend and will be live streaming on YouTube.com. CLICK HERE FOR LIVE STREAM.

The festival this year seems to be putting the spotlight into dance music. Co-founder Perry Farrell told MTV that one of the concert's headliners are DJs Justice and Avicii.

"This year, two of our headliners are dance artists, Justice and Avicii, and they're performing on the main stage, man," Ferrell told MTV.

Earlier in April when the lineup was announced, Ferrell told the Associated Press that the bands/performers were conceived to represenet what is currently happening in music.

"It's not just alternative rock that's happening," Farrell told AP. "You've got Avicii headlining this thing and his music is what is happening."

Lollapalooza's history dates back to 1991 when Farrell, the lead singer of Jane's Addiction started to plan a farewell show for the group.

It features artists from hip-hop, electronica, reggae, indie, rock, modern roots, and many more.