NEW ROCK and Roll Hall of Fame inductee Dick Clark reaches another career milestone tonight, celebrating the 20th anniversary of the American Music Awards , which he created.

The show at the Shrine Auditorium, highlighted by a live Michael Jackson performance, will be broadcast on ABC from 8-11 p.m.

Despite the American Music Awards’ annually high ratings– among award shows, it’s usually eclipsed only by the Oscars–andhis years of guiding “American Bandstand” into the hearts and minds of America, Clark feels that the state of music on network television still isn’t promising.

“Nothing’s gotten any better,” Clark says. “It’s real hard with the fractionalization of the music audience to get all of it together at one time, with the exception of events like the American Music Awards or Grammys.

The future? Clark sees the music industry achieving “tremendous growth” via the tube’s marketing opportunities.

“Direct sales, home shopping, infomercials,” Clark says. “Obviously, Barry Diller and his counterparts are thinking about that. We’ve made proposals, so has everyone else. It’s an inevitability. We’ve got to reach that audience that won’t go to a record store anymore.”

Until that time kicks into high gear, Clark has plenty on his plate to occupy him.

In May, another “Best of Bandstand” airs on ABC, with an amateur battle of the bands appearing on the network in June. Dick Clark Prods. is also readying a pilot based on the lyrics of country music songs, “an anthology of two dramas in one hour,” Clark says.

THE NEW GLAM Slam nightclub, a Paisley Park Records co-venture with several local entrepreneurs, got off the ground last Wednesday night, opening to a jam-packed house. Housed inside the former Vertigo club in downtown L.A., it pretty much resembles its forerunner physically. However, two sculptures of intertwined bodies was set in the middle of the dance floor and there’s a special room that allows patrons to tape a message for Prince.

The club also offers a full-service restaurant and the usual complement of celebrity VIP rooms.

Glam Slam celebrates the American Music Awards tonight with its first celebrity jam.

Scheduled to appear are Mike Finnegan (Crosby, Stills & Nash), Lenny Goldsmith (Tower of Power), Lonn Price (Bonnie Raitt), Arno Lucas (Smokey Robinson), Scotti Page (Supertramp), Mark Williams (Don Henley) and Kenny Lee (Steve Miller).

The celebrity jam will be a fixture at the club every Monday night beginning in the middle of February, according to organizer Jan Cashlandy.

STEVIE NICKS wants fans of Fleetwood Mac to stop dreaming about a more permanent reunion than the one on display last week at the Bill Clinton inaugural.

“I have no desire for any further active involvement,” Nicks said Friday, “including the band’s upcoming NFL Super Bowl pre-game celebration appearance.”

Although terming the reunion “a magical moment for all of us and surely the pinnacle of Fleetwood Mac’s career,” Nicks plans to continue work on a solo album.

She did leave the door open a crack, however. “If the president should call again …”

FORMER TWISTED SISTER lead singer Dee Snider’s new band is leaner and meaner. Well, at least leaner. “I’m 25 pounds lighter than I was in Twisted Sister,” says Snider, who will appear tonight at the Roxy leading Esquire recording artists Widowmaker.

“Toward the end of the (Twisted Sister) tours, I’d became a fat cat. I said that’s the end of that. I’m into running and working out and have a pretty strict regimen on that. That’s the way it’s going to stay.”

Widowmaker also sports a harder sound than Twisted Sister’s pop metal.

“It’s definitely heavier,” Snider says. “It’s just where I’m headed. I won’t say I’m totally unaffected by what I hear, but I was offered a major label deal to do a pseudopop metal band as Dee Snider. I just passed. I don’t believe in that.”

ERIC (EAZY E) Wright, co-founder of N.W.A and president of Ruthless Records, fired another salvo last week in his suit against Sony Music, claiming the company is responsible for lost revenues totalling $ 248 million.

An amended complaint filed in U.S. District Court in Los Angeles cites estimates by “record industry experts” that he suffered lost profits as a result of Sony’s actions. Wright sued Sony last October, alleging that the company and fellow N.W.A mate Andre (Dr. Dre) Young conspired to physically intimidate him, forcusing him to cancel the contracts of acts signed to Ruthless.

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