The directing and producing team -- they've collaborated on films like "Apollo 13," "The Da Vinci Code" and "Frost/Nixon," among others -- are joining forces with Hov and Steve Stoute, who both serve as additional producers, to document the festival and its 40-plus performers.
"The festival showcases 20 pre-eminent artists that speak to the new generation," Grazer told the New York Post. "I am producing the film with Steve Stoute and Jay. Ron is directing. It is going to be born through Jay-Z's perspective . . . how he puts the event together."
Grazer says the Reasonable Doubt creator's iconic stature is just another reason for this moment in history to be brought to visual form. "Jay stayed the king for a very long time . . . I can't even begin to explain how he is capable of remaining relevant," he added. "He is a phenom, like a musical Michael Jordan."
Drake, Skrillex, Rick Ross, Odd Future, Janelle Monae, Pearl Jam, Run-DMC and Miike Snow are just a few of the acts scheduled to perform.
See Comedian Aziz Ansari on Hip-Hop Album Covers
- 50 Cent's 'Get Rich or Die Tryin'
- A$AP Rocky's 'Live.Love.A$AP'
- Notorious B.I.G.'s 'Ready to Die'
- Dr. Dre's 'The Chronic'
- Jay-Z's 'The Blueprint 2'
- R. Kelly's 'Double Up'
- Lil Wayne's 'Tha Carter IV'
- Meek Mill's 'Dreamchasers 2'
- Maybach Music Group's 'Self Made, Vol. 2'
- Nas' 'Life Is Good'
- Nicki Minaj's 'Pink Friday: Roman Reloaded'
- Waka Flocka Flame's 'Flockaveli'
- Most Expensive Hip-Hop Album Covers
- Nas' 'Stillmatic' Album
- Fat Joe's 'J.O.S.E. (Jealous Ones Still Envy)' Album
- 50 Cent's 'Get Rich or Die Tryin'' Album
- Lil' Kim's 'La Belle Mafia' Album
- Cam'ron's 'Killa Season' Album
- LL Cool J's 'Mama Said Knock You Out' Album
- Eric B. & Rakim's 'Paid in Full' Album
- Master P's 'Da Last Don' Album
- E-40's 'In a Major Way' Album
- Tupac's 'All Eyez on Me' Album
- Fountain of Youth Faces in Hip-Hop & R&B
- Mariah Carey
- Pharrell Williams
- Jennifer Lopez
- LL Cool J
- Erykah Badu
- Queen Latifah
- Janet Jackson
- MC Lyte
- Toni Braxton
- Smokey Robinson
- Andre 3000
Watch "Jay-Z Announces Music Festival in Philadelphia"