Billboard's Woman of the Year is defined as the female artist who "has shaped and inspired the music industry with her success, leadership and innovation over the past 12 months." as quoted here.
Taylor was first awarded the honor in 2011 after the success of Speak Now and a sold out Speak Now World Tour. Below is a video of Taylor being honored at the 2011 Billboard Woman in Music Awards on Dec 2 2011 in New York. Taylor was the youngest person to receive the honor when she received it in 2011.
This year in 2014, Taylor has been awarded Billboard Woman of the Year again and makes history as the first artist every to be awarded the honor twice. With the upcoming release of "1989" and the only new music to be released so far this year being 'Shake It Off ', This honor just shows how much Taylor influences the music industry and the world. Taylor came off a very successful RED Tour back in June. Taylor will receive her award in December.
A link to the Billboard article can be found Here.
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