Country singer and songwriter Taylor Swift catches the world's attention once more after being hailed as Woman of the Year for 2014 by the Billboard magazine.

The young crooner, deemed to have "shaped and inspired the music industry with her success, leadership and innovation" for the year, is the first artist to garner the award twice.

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"As one of the most influential artists of her generation, Taylor Swift has seen incredible success on the Billboard charts," Guggenheim Media's Entertainment Group co-president and chief creative officer Janice Min explained.

Swift will be officially crowned by Billboard during the upcoming 9th annual Billboard Women in Music Awards to be held at the Cipriani Wall Street on December 12.

Previous Billboard Women of the Year winners include Beyonce, Pink, and Katy Perry.

Sixty of the Swift's songs were able to top on the Billboard Hot 100 charts since her debut in 2006.

The seven-time Grammy winner was also dubbed as the best-selling digital music artist of all time and is the only female artist to have two albums, namely Speak Now in 2010 and RED in 2012, that reached one million dollars-worth of sales during the first week after its release.

Her new album entitled '1989' is due for release on October 27.

After hearing about her success, American Express Vice President for entertainment and sports marketing Deborah Curtis lauded the 24-year-old singer.

"We are proud to be a long-time partner of Taylor's and are thrilled for her continued success and well-deserved recognition as Billboard's Woman of the Year," she said.

Swift performed her current hit 'Shake It Off' and rendered her version of Vance Joy's Riptide in the Radio 1 Live Lounge on Thursday.

She was also British Vogue's cover girl for their recent issue where she was interviewed by popular TV and radio presenter Fearne Cotton.

Tagstaylor swift, Billboard, Guggenheim Media, Billboard Hot 100, Beyonce, Pink, katy perry