EXCLUSIVE: Fall Out Boy to Perform at SXSW, Receive First of Its Kind Honor at MTV Woodies

Fall Out Boy is adding one more to the trophy case -- and they'll be headlining one of the biggest shows at this year's SXSW Music Festival in Austin, TX.

ETonline has learned that the "Centuries" rockers will be honored as the first-ever inductees into the mtvU Woodie Awards' "Hall of Wood" at this year's ceremony, which will be streamed live from SXSW.

The newly-minted award celebrates artists who have used the Woodies (imagine the MTV Video Music Awards' younger, indie sibling) as a launching pad for superstardom, while always staying true to their roots and their loyal fan base. Fall Out Boy made their Woodies debut in 2004 as the winners of the "Streaming Woodie" for "Grand Theft Autumn/Where Is Your Boy." This year, they'll take the stage for a mega performance of their biggest career hits.

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The band joins a lineup that includes rapper Big Sean and London-based electro-pop trio Years & Years.

Bleachers front man and fun. guitarist Jack Antonoff will serve as the master of ceremonies, while FOB's Boys of Zummer tour mate Wiz Khalifa is among the presenters.

"The Woodies are a part of Fall Out Boy's story, we've been together since the start and we're excited to be the first inductees into the 'Hall of Wood.' It means a lot to us,” said Pete Wentz.

It's only March, but 2015 is already shaping up to be a great year for the band. Fall Out Boy scored their third No. 1 album in January with American Beauty/American Psycho.

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"No band embodies the spirit of the Woodies more than Fall Out Boy," said Gina Esposito, executive producer of the Woodie Awards. "They were among the first artists to win a Woodie as they went from playing dorm rooms to filling arenas. And through it all they've maintained their relevancy in so many meaningful ways with our audience."

Fans can stream the event live on Woodies.MTV.com on Friday, March 20, beginning at 5pm ET/4 pm CT, while ETonline will be backstage catching all the action. Follow us on Twitter @SophieSchillaci and @ETnow for the latest from SXSW and the Woodies, and check out ETonline.com/Music for exclusive video interviews and news.