Taylor Swift and the Band Perry are both in the running for a new, all-genre music award to be presented by the music-industry publication, Billboard. The Milestone award will be presented at the annual Billboard Music Awards ceremony, set for May 19, with the country music superstars among the list of nominees.

The acts chosen for the honor are "innovative" artists who have "achieved a notable chart milestone over the past year," the publication explains. Joining Taylor and the Perry siblings in the running for the honor, which is being given in conjunction with Chevrolet, are Justin Bieber, Bruno Mars, Miguel and Pitbull. The winner is in the hands of the fans, who can vote online here. Based on fan votes, the six finalists will be narrowed down to three, with voting staying open until the awards ceremony.

"The addition of the Milestone award gives us the opportunity to recognize truly creative artists that are breaking boundaries with their contribution to today's musical landscape," says Billboard editorial director Bill Werde. "These awards are for artists who have created music and accomplishments that are part of history."

Taylor and the Band Perry will have another chance to take home some trophies before the Billboard Music Awards. Both acts are among the nominees for the ACM Awards, which will be telecast this Sunday (April 7) from Las Vegas on CBS. Taylor is nominated for five awards, including Entertainer of the Year, while the Band Perry is nominated for Vocal Group of the Year.

See the complete list of 2013 ACM Awards nominees here.

Watch Taylor's '22' Video