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Selena Gomez

Dimitrios Kambouris/Getty Images

Selena Gomez and Demi Lovato both turned heads on Friday at the 2015 Billboard Women in Music event where they were both honored.

The event took place at Cipriani 42nd Street in New York City. Gomez, 23, wore a cleavage-baring sparkling, embroidered and feathered asymmetrical Rodarte fall 2015 ready-to-wear flapper mini dress, paired with black stockings and black and silver peep toe platform pump.

Lovato, 23, lived up to the name of her new album, Confident, and sported a black tux pantsuit, forgoing the use of a top and opting to bare even more cleavage than her fellow pop star and former Disney Channel actress. Both she and Gomez wore silver chokers.

Demi Lovato

Dimitrios Kambouris/Getty Images

Demi Lovato

Nancy Rivera / Splash News

Gomez later changed into a strapless Monse spring/summer 2016 ready-to-wear gown, made up of a silver beaded bodice and ivory ruffled skirt.

Selena Gomez

Kevin Mazur/Getty Images for Lifetime

During the show, Gomez performed her new single "Same Old Love," while Lovato sang hers, "Stone Cold." Paul Rudd, 46, presented Gomez with the award for Chart-Topper. The singer posted a cute selfie of the two on her Instagram page.

Gomez and Rudd worked together on the drama film The Revised Fundamentals of Caregiving, which is set for release on Jan. 31.

Paul came to give me my award for @billboard women in music!!!

A photo posted by Selena Gomez (@selenagomez) on

"Thank you for supporting me not just with this record but all the time," Gomez, who two months ago released her new album Revival, said in her speech, according to Billboard. "This album in particular was such a transition for me. I have so much more to prove."

Fifth Harmony was on hand to present Lovato with the inaugural "Rulebreaker" award.

"It's not intentional and that's what's awesome—people see it," Billboard quoted Lovato as saying. "I'm excited to show people you can be yourself and people will appreciate it."

Other honorees included the members of Fifth Harmony themselves, who won Group of the Year, as well as Lady Gaga, 29, who took home the top honor—for Woman of the Year.

The Billboard Women in Music event will air on Lifetime on Dec. 18 at 8/c.