Seven-time Grammy winner and best-selling digital artist of all time Taylor Swift has been named Billboard's 2014 Woman of the Year, making her the first artist to receive this honor twice.

She was first awarded Woman of the Year in 2011, when she was just 21 years old and her third album, 'Speak Now,' was her latest. Three years later, her fourth release, 'Red,' is in the past, and her upcoming '1989' disc is one of the most-anticipated albums this year.

The award goes to the female artist who "has shaped and inspired the music industry with her success, leadership and innovation over the past twelve months," according to Billboard. Past winners include Pink, Katy Perry, Fergie and Beyoncé, among many other reputable women.

"As one of the most influential artists of her generation, Taylor Swift has seen incredible success on the Billboard charts,” says Janice Min, co-president and chief creative officer of Guggenheim Media's Entertainment Group. "Over the course of her career, she’s charted 60 entries on the Billboard Hot 100 -- the most of any female artist since her debut in 2006. We are tremendously excited to be honoring her as the 2014 Billboard Woman of the Year for the second time."

The 'Shake It Off' hitmaker is the only female artist in music history (and fourth artist ever) to have an album hit the 1 million first-week sales figure, which came with the success of 'Speak Now' and 'Red.' She recently charted her second Billboard Hot 100 No. 1 with 'Shake It Off,' and her forthcoming record is sure to hit lots of high notes and break records once again.

She will receive her Billboard award on Dec. 12 in New York City at the ninth annual Billboard Women in Music Awards.