Taylor Swift was named Woman of the Year by Billboard Magazine, and will receive her well-deserved award at the 2011 Billboard Women in Music event on December 2 this year. Swift will be celebrated at the event in New York City along with many other influential women involved in the music business today, including Nicki Minaj and Britney Spears, who will both be performing.

Swift succeeded over Katy Perry, Lady Gaga, and Adele, who were all up for the award, and at age 21 is the youngest person to ever to receive it. Past winners include Fergie, Beyonce, and Reba McEntire.

What made Swift stand out against these tough competitors, who all seem qualified to win as well? Maybe it was the 3.6 million copies sold of her most recent album, Speak Now, since it came out last fall, which is the biggest success an album has had of any artist in the past year.

Or maybe what made Swift stand out is the fact that she is the youngest person ever to be awarded “Best Album” at the Grammys, which she earned for her second album, Fearless, in 2010.

Bill Werde, Billboard’s Editorial Director, said to the press “Taylor has already made a major impact on music and has been an incredible role model for aspiring singers/songwriters and young women everywhere.” This kind of reputation ensures future success for the young artist.