Rihanna and Eminem are among the top competitors, Beyonce is due to receive a top honor, and performers include Britney Spears, the Black Eyed Peas and Cee Lo Green.
The Billboard Awards had been a staple since 1989, but gave out what appeared to be its last award in 2006. This year, the show was brought back.
It's being held in Las Vegas, and will be broadcast live on ABC.
The Billboard Music Awards are given out to music's most popular artists. The finalists and winners are determined by their rank on the Billboard charts and their "social and streaming activity."
Rihanna is the top finalist, competing in 18 categories. Among the awards she's up for include top artist, top female artist, and top radio songs artist.
Eminem's name appears in 16 categories, also including top artist. He's also vying for top male artist as well as top social artist.
Other nominees include Taylor Swift, Ke$ha, and Nicki Minaj.
Lady Gaga is in 12 categories, while Bruno Mars and Justin Bieber are in 11 categories.
Beyonce is due to receive a special Millennium Award for her career achievements.
LAMediaWatch.com
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