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Imagine Dragons, Lorde

Valerie Macon/Getty Images; Courtesy of Anthony Harvey

Imagine Dragons and Lorde lead the pack of finalists at the 2014 Billboard Music Awards, which honor this year's most successful artists in 40 categories.

The alternative rock quartet and the 17-year-old singing sensation each garnered twelve nods and will go head-to-head in nine categories, including Top Hot 100 Artist, Top Digital Songs Artist, Top Radio Songs Artist, Top Rock Artist, Top Rock Album, Top Hot 100 Song, Top Digital Song, Top Streaming Song (Audio), and Top Rock Song.

Not far behind are Justin Timberlake, Katy Perry and Macklemore & Ryan Lewis with eleven, ten and eight categories, respectively. Timberlake is vying for his first solo Billboard awardhe won five awards, including Album of the Year, with 'N Sync for No Strings Attached in 2000.

Miley Cyrus, Imagine Dragons, Bruno Mars, Katy Perry and Justin Timberlake are the finalists for Top Artist. First-time Billboard Music Award finalists include Lorde, Avicii, Capital Cities, Zedd and Sidewalk Prophets.

Up for the 2014 Milestone Award, which will be given to an innovative artist who has achieved a notable chart milestone during the past year, include Imagine Dragons, John Legend, Luke Bryan, OneRepublic, Ellie Goulding and Carrie Underwood.

Jason Derulo announced the finalists on Wednesday morning on Good Morning America.

The 2014 Billboard Music Awards will air live from The MGM Grand Garden Arena in Las Vegas on May 18 at 8 p.m on ABC.