It's time to start saving your pennies because the Dutch city of Rotterdam will be hosting the 2020 Eurovision Song Contest.

After bidding against several Dutch cities including Maastricht, Rotterdam won the opportunity to host the world's biggest live music event at the Ahoy Rotterdam Arena.

Rotterdam will host the semi-finals on May 12 and May 14, while the Grand Final will take place on May 16. Even with the arena's capacity of 16,000, tickets are expected to sell out when they go on sale at the end of the year.

This will be the first time since 1980 that The Neverlands will have hosted the competition following the country's win earlier this year with their entry, 'Arcade' by Duncan Laurence.

"As an entrepreneurial and creative city, Rotterdam fits perfectly with this event," says director-general of the Dutch broadcaster NPO, Shula Rijxman, "We are happy that as a public broadcaster we can now really work together with Rotterdam and the Ahoy arena to organise a unique event that connects and inspires all inhabitants of the Netherlands and Europe."

While Jon Ola Sand, the European Broadcasting Union's executive supervisor for Eurovision, had the following to say, "Rotterdam has shown fantastic enthusiasm and commitment and has the right facilities to welcome delegations from over 40 countries next May."

"We look forward to working with Rotterdam and [public broadcasters] NPO, NOS and AVROTROS on an incredible state-of-the-art Eurovision Song Contest in a great city next year."

Twenty-nine countries have already confirmed their participation for Eurovision 2020. Who would you like to represent Australia next year?