Checking out the action at two of the country's biggest music festivals just got a whole lot cheaper, actually, 100% cheaper. Internet media colossus YouTube will further their dominance of the web by live streaming this year's Lollapalooza and Austin City Limits Music Festival.

According to CBS News YouTube will formally announce the live stream of the gigantic music festivals Lollapalooza and Austin City Limits this Friday.

As someone who has made the trip out to Chicago for the 3 day extravaganza that is Lollapalooza, let me say there is nothing that can supplement the awesomeness of being at a great music festival like that. On the flip-side, it was also one of the most expensive endeavors that I've ever been a part of. Therein lies the real beauty of the festivals' partnership with YouTube.

Now anyone with an internet connection will be able to live stream both festivals, there will even be a secondary feed with backstage footage and interviews. Lollapalooza founder and Jane's Addiction vocalist, Perry Farrell, stated that he wants fans that aren't able to make the festival to "be a voyeur" and watch the event on YouTube.

Lollapalooza celebrates it's 20th anniversary August 5th - 7th in Chicago's Grant Park, this year's performers for the sold out fiesta include: Foo Fighters, Muse, A Perfect Circle, Deftones, and more.

The Austin City Limits Music Festival commemorates it's 10th birthday September 16th - 18th in Austin, Texas' Zilker Park.