Simon Cowell is being honoured with the 24th Music Industry Trusts Award.
The X Factor judge will be presented with his prestigious trophy in November at a star-studded gala ceremony.
The event will have a host of performances which hold a special meaning for the music mogul, and will be in aid of Nordoff Robbins and the Brit Trust.
Simon 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, Gary Barlow and Annie Lennox.
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.”
Simon’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, it boasts big names such as One Direction, Little Mix, Susan Boyle and Ella Henderson.
Simon 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.
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