Taylor Swift is Time Magazine's 2023 Person of the Year, triumphing over formidable contenders including world leaders and a monarch.

The announcement was made on NBC's "Today" Wednesday, with Time Editor-In-Chief Sam Jacobs noting that the magazine's choice this year embodies "joy."

Jacobs further explained the choice in a Time article, writing, "In a divided world, where too many institutions are failing, Taylor Swift found a way to transcend borders and be a source of light. No one else on the planet today can move so many people so well."

"Swift is the rare person who is both the writer and hero of her own story," Jacobs continued.

The singer previously appeared on the 2017 Person of the Year cover alongside other "Silence Breakers" who spoke out against sexual misconduct.

Already a huge superstar before 2023, Swift's career reached new heights this year with her record-setting album re-releases, highly successful concert film, and the "Eras Tour," poised to become the highest-grossing global tour ever.

In October, Bloomberg declared her a billionaire and reported that her U.S. concerts contributed $4.3 billion to the country's GDP this year.

Swift beat out eight other contenders for the iconic title, including Hollywood strikers, Chinese President Xi Jinping, OpenAI CEO Sam Altman, Trump prosecutors, the "Barbie" movie, Russian President Vladimir Putin, King Charles III, and Federal Reserve Chairman Jerome Powell.

King Charles, who acceded to the throne last year upon the death of Queen Elizabeth II, was crowned in a royal event this May.

The tradition of Time naming a Person of the Year dates back to 1927, recognizing individuals, groups, or concepts that "most shaped the headlines, for good or ill," throughout the previous 12 months.

Previous honorees include President Joe Biden, activist Greta Thunberg, and the 2022 selection, Ukrainian President Volodymyr Zelensky. Adolf Hitler and Joseph Stalin were among some of the controversial choices.

In her interview for the Time issue, Swift reflected on the breakthrough moment of her career at 33, sharing, "This is the proudest and happiest I've ever felt, and the most creatively fulfilled and free I've ever been."

She also addressed her romance with NFL star Travis Kelce, revealing that they had been dating for a "significant amount of time" before going public with their relationship.

"We would never be psychotic enough to hard launch a first date," she said.

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Taylor Swift, Vladimir putin, King Charles III