This year's Polar Music Prize goes to the US funk musician Nile Rodgers and the Finnish conductor and composer Esa-Pekka Salonen, an announcement on the prize's website revealed on Tuesday.
Marie Ledin, the managing director of the music prize, explained the decision in favour of the musician and producer Rodgers ("Good Times," "We Are Family") with his timeless songs and his influence on pop culture.
With regard to the award for the composer and conductor Salonen, Ledin praised his artistic curiosity, creativity and forward-looking approach to classical music.
The Polar Music Prize was founded by former ABBA manager Stig "Stikkan" Anderson. It is awarded in the presence of members of the Swedish royal family and is unofficially regarded as the Nobel Prize for Music.
Since its first edition in 1992, the Polar Music Prize has been awarded to musicians including Paul McCartney, Björk, Metallica and Anne-Sophie Mutter.
It is endowed with 1 million Swedish kronor ($97,700). The award ceremony is due to take place on May 21 in Stockholm.