Berlin is noted for its numerous cultural institutions, many of which enjoy international reputations. The city has a very diverse art scene and is home to over 700 art galleries. Many young people and international artists continue to settle in the city, and Berlin has established itself as a center of youth and popular culture in Europe. The expanding cultural role of Berlin is underscored by the 2003 announcement that the Popkomm, Europe's largest annual music industry convention—previously hosted for 15 years by Cologne—would move to Berlin. Shortly thereafter, Universal Music Group and MTV also decided to move their European headquarters and main studios to the banks of the River Spree in Friedrichshain. In 2005, Berlin was awarded the title of "City of Design" by UNESCO.