(CNN) - Prince is about to get a new honor to add to his extensive collection. He's getting the Billboard Icon Award.

Billboard will honor the superstar during its live telecast, scheduled for May 19.

Prince is also expected to perform during the show, which is being held in Las Vegas.

Stevie Wonder was last year's honoree.

The Billboard Music Awards are a reflection of the magazine's charts throughout the year, which catalog airplay, sales, and touring, among other criteria.

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