Swift to receive Billboard honor

Swift, 21, is the youngest artist to ever receive the honor, and it comes on the heels of earning several 2011 Billboard Music Awards, among them Top Country Album for the five-time platinum selling "Speak Now."

"Taylor has shown the power of good songwriting with music that has transcended genres, and we're thrilled to recognize all of her successes over the past year by honoring her with the Billboard Woman of the Year Award," says Bill Werde, Billboard's Editorial Director. "At the young age of 21, Taylor has already made a major impact on music and has been an incredible role model for aspiring singers/songwriters and young women everywhere. I look forward to watching her career continue to flourish in the years to come."

Billboard's annual Women in Music Event, now in its sixth year, celebrates the most powerful and talented women in the music business, coinciding with the publication of Billboard's Women in Music Power Players list.