updated 04/09/2014 AT 9:00 AM ET
•originally published 04/09/2014 AT 9:50 AM ET
Alternative rock quartet Imagine Dragons and New Zealand-born teen singer-songwriter Lorde lead the finalists announced Wednesday morning for the 2014 Billboard Music Awards, which honor musical artists across 40 categories.
Both earned nods in 12 categories for breakthrough records, including Imagine Dragons’s Night Visions record and Lorde’s album Pure Heroine.
Up for Billboard’s Milestone Award are six finalists: Carrie Underwood, Ellie Goulding, OneRepublic, Bryan, John Legend and Imagine Dragons. Fans can vote for this award online at billboard.com/milestone.
The award finalists were announced live on Good Morning America by R&B star Jason Derulo.
The Billboard Music Awards will air live on May 18 at 8 p.m. ET from The MGM Grand Garden Arena in Las Vegas.