1. A method for recommending premium on-demand multimedia content to a user based on event information, said method comprising: obtaining said event information associated with a time period via an event information identification module, wherein said time period comprises a current time during which an event is trending; mapping said event in formation with structured metadata associated with a plurality of premium on-demand multimedia content, using an event information mapping module, wherein data associated with at least one of said plurality of premium on-demand multimedia content corresponds to said event information; and assigning a priority score, using a priority computing module, to the at least one of said plurality of premium on-demand multimedia content based on at least one parameter, wherein said at least one parameter comprises (i)activities of the user's friends influencers and connections on a social medium, (ii) at least one topic related to event trending on the social medium, (iii) at least one topic related to event popular on the social medium, (iv) popularity of the at least one of said plurality of premium on-demand multimedia content, (v) trendiness of the at least one of said plurality of premium on-demand multimedia content; shortlisting the at least one of said plurality of premium on-demand multimedia content with a multimedia content shortlisting module based on the priority scores or a rank assigned, and wherein the rank is assigned to the at least one of said plurality of premium on-demand multimedia content based on one or more algorithms, and wherein one or more of said at least one parameters are considered while assigning the ranks and wherein the one or more of said at least one parameters are assigned with different weights while assigning ranks to the at least one of said plurality of premium on-demand multimedia content; generating, using a multimedia content recommendation module, a recommendation for the at least one of said plurality of premium on-demand multimedia content based on said event information, said priority score and said structured metadata associated with said at least one of said plurality of premium on-demand multimedia content; and wherein said event information comprises information corresponding to at least one of (a) an award, (b) a sequel of a movie, (c) a new season of a show, and (d) a celebrity, wherein said structured metadata includes metadata associated with a celebrity, wherein said metadata associated with a celebrity comprises (a) a name/title, (b) personal description, (c) filmography, (d) birthdate, (e) birthplace, (f) awards & nominations, and a (g) a biography, and wherein said structured metadata includes metadata associated with movies, wherein said metadata associated with movies comprises (a) a name/title, (b) running time associated with a movie, (c) a genre, (d) a sequel of a movie, (e) a language, (f) awards & nominations, (g) release date associated with a movie, and (h) rating associated with movie, wherein said structured metadata includes metadata associated with television show episodes, wherein said metadata associated with television show episodes comprises (a) a name/title (b) running time associated with an episode (c) a genre, (d) season, (e) a language, (f) awards & nominations, (g) description, and (i) parental guidance rating; and selectively displaying the recommendation for the at least one of said plurality of premium on-demand multimedia content to the user via a display unit, along with a reason for generating the recommendation, said reason indicating why the at least one of said plurality of premium on-demand multimedia content is recommend to watch now rather than later.