Lady Gaga has been crowned as the Woman of the Year 2015 by Billboard magazine, taking over pop star, Taylor Swift.

Billboard announced Tuesday, September 29 that the pop star will be honored at its December 11 Women in Music event in New York City.

"Lady Gaga is an extraordinary artist, emblematic of the strength, courage and fortitude that Lifetime celebrates, and we are thrilled to offer our platform to recognize her in every way she deserves," says Liz Gateley, executive vice president and head of programming at Lifetime.

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The six-time Grammy-winning pop star and actress recently hit No. 1 on the real time 'Billboard + Twitter Trending 140 chart' with her video 'Till It Happens to You,' a track written for the college sexual assault documentary 'The Hunting Ground', which premiered at Sundance in January and will air on CNN later this year.

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Gaga who plans to release an album next year is also set to star in FX's 'American Horror Story: Hotel', which premieres on October 7. She released a collaborative jazz album, "Cheek to Cheek," with Tony Bennett last year and it won a Grammy Award. The duo also performed songs from the album on a 36-date tour.

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The Women in Music event also honors the year's 50 most powerful female executives in the music industry.

"Billboard's Woman of the Year has always represented the finest in music, and the anointing of a key influential figure who drove the conversation for that year. No one embodies that more than Lady Gaga in 2015," says Janice Min, co-president and chief creative officer of Guggenheim Media's entertainment group

Other women celebrated include: Aretha Franklin, Ariana Grande, Iggy Azalea, Jessie J, Charli XCX and Idina Menzel.