Bono and Adam Clayton from U2 [Photo/Agencies]

Stars perform at BET Honors 2014

Elizabeth McGovern releases new music video

The Irish rockers will take to the stage to perform their track 'Ordinary Love,' which is nominated for best Original Song, at the ceremony at the Dolby Theatre in Los Angeles on March 2.

Confirming the news on Wednesday, the event's producers Craig Zadan and Neil Meron said it will be the first time the band perform the song, which was written especially for the 'Mandela: Long Walk to Freedom' soundtrack, live.

Members Bono, Larry Mullen, Adam Clayton and The Edge, who are currently in the studio working on their new album, face stiff competition in the Original Song category from Pharrell Williams for his hit 'Happy' from 'Despicable Me 2,' 'Let It Go' from 'Frozen', and 'The Moon Song' by Karen O, who is the vocalist for the Yeah Yeah Yeahs, from the movie 'Her'.

Pharrell, 40, confirmed earlier this month that he would be taking to the stage at the 86th annual ceremony, which will be hosted by Ellen DeGeneres.

Meanwhile, Demi Lovato, who recorded the single version of 'Let It Go,' will not be singing at the Oscars as she is scheduled to perform her 'Neon Lights' tour in Fairfax, Virginia on March 2.

'Frozen' star Idina Menzel sings the song in the movie and will perform instead.

The 42-year-old actress, who won a Tony Award for her portrayal of Elphaba in Broadway's 'Wicked' in 2004, shared her excitement with fans on Twitter on Tuesday, writing: "It's really happening. I'm singing on the Oscars! Surreal. Thank u frozen family and Oscar producers for this incredible opportunity. (sic)"