X Factor judge Simon Cowell is being awarded the 24th Music Industry Trusts Award.
Cowell will be presented with his prestigious award in November at a star-studded gala ceremony.
The ceremony will have a host of performances which hold a special meaning for Cowell, and will be in aid of Nordoff Robbins and the BRIT Trust.
He is being honoured "in recognition of his outstanding contribution to the music and entertainment industry and many charitable causes".
Other famous recipients of the award include Sir Elton John, Jools Holland OBE, Gary Barlow OBE, Annie Lennox OBE and many other impressive names.
David Munns OBE, chairman of the MITS Award committee, said: " We are delighted to honour Simon Cowell with the Music Industry Trusts Award for 2015.
"We are proud to recognise his outstanding contributions to the UK music and entertainment industries and his personal support of many charitable causes.
"The creativity and excitement of The X Factor and Britain's Got Talent, for example, have left an indelible impression on our contemporary culture whilst his record label Syco has proven itself a world leader in the development and success of inspiring, talented artists.
"Simon Cowell is a well deserving honouree."
Cowell's company, Syco Entertainment, a joint venture with Sony Music, is one of the top music, film and TV production companies to date.
From a TV point of view, The X Factor and Britain's Got Talent both fall under Syco's umbrella.
On the music side of things, Syco Music boasts big names such as One Direction, Little Mix, Susan Boyle, Ella Henderson and more.
Cowell made headlines this week as he announced the new line-up for this year's X Factor, which includes himself, Cheryl Fernandez-Versini and newcomers Nick Grimshaw and Rita Ora.
He said: ""The best-kept secret in TV is out!!
"But I am really happy with the new judging line-up for X Factor this year.
"It's going to be a lot of fun."
He also announced plans for a new talent search titled The F Factor, which will aim to find young technology entrepreneurs.
He has joined forces with the Founders Forum which includes businessmen such as TalkTalk boss Charles Dunstone in the hunt for tech talent.
The F Factor will see 10 young people compete for a cash prize of £10,000 and pitch their ideas to business leaders including Google boss Eric Schmidt, Baroness Martha Lane Fox and ITV chairman Archie Norman.
Cowell said: "In the UK we've got an excellent track record of creating great businesses from brilliant ideas.
"Often all that's needed is a stage, which is exactly what Founders Forum are providing with The F Factor.
"I'm looking forward to reviewing the shortlist of brilliant business ideas from the next generation of entrepreneurs."