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OTRC: Taylor Swift is No. 1 highest-earning music artist - see top 10 list

Taylor Swift performs during her 2013 Red Tour in Los Angeles, California on Aug. 19, 2013. (Robert Rosano / startraksphoto.com)

Taylor Swift continues to reign supreme in the music industry, as she's been named Billboard's highest-earning artist.

In its annual Money Makers list, Billboard has selected Swift as its highest earning musical act, following the singer's banner year in 2013. The "I Knew You Were Trouble" singer placed at No. 15 on the list a year prior, which took into account the musician's 2012 earnings. Madonna was No. 1 previously, however she did not make the list in 2014.

The list takes into account an artist's main sources of music revenue, mainly from touring and both physical and digital music sales. Check out a list of Billboard's top 10 highest-earning music artists below.

1. Taylor Swift - $39 million: Swift earned her spot atop the Billboard Money Makers list for 2014 thanks to her wildly successful fourth studio album, "Red." The album, which received several 2014 Grammy nominations, including Album of the Year, spawned the hit singles "We Are Never Ever Getting Back Together," "Begin Again," "I Knew You Were Trouble" and "22." The success of "Red" helped Swift amass nearly 10 million digital downloads. Additionally, Swift's "Red Tour" grossed an estimated $30 million in just six months of touring.

2. Kenny Chesney - $32 million: Sixteen albums into his career, Chesney remains one of the top earning country artists in the music industry today. He released the album "Life on a Rock" in 2013, which peaked at No. 1 on the Billboard 200 albums chart and contains the hit singles "Pirate Flag" and "When I See This Bar." In addition to the album, Chesney toured the country on his "No Shoes Nation" tour, which featured other acts such as Eric Church, Zac Brown Band and Kacey Musgraves. The tour grossed an estimated $90 million in 2013.

3. Justin Timberlake - $31 million: Timberlake made a major musical comeback in 2013 that fans waiting more than eight years for new music heavily embraced. With the release of his highly successful double album "The 20/20 Experience," Timberlake earned more than $5 million in album and digital track sales. Additionally, his joint tour with Jay Z, titled "Legends of the Summer," earned more than $60 million in just 14 shows. The "Suit & Tie" singer also embarked on his own headlining world tour in November 2013, which will continue through October 2014.

4. Bon Jovi - $29 million: Bon Jovi continues to remain one of the world's most successful touring music acts around. Their "Because We Can Tour" in 2013 grossed more than $200 million in sales worldwide, of which the band received an $83 million take of their own. The trek was also named the No. 1 top-grossing tour in 2013. Additionally, the band continues to rise in digital download and streaming royalties, only helped by the success of their 12th studio album "What About Now." The LP became the band's fifth album to peak atop the Billboard 200 albums chart.

5. The Rolling Stones - $26 million: They've been around since 1962, and The Rolling Stones have still got it. Thanks to high demand for the band, touring revenue for 2013 is estimated to be as much as $80 million for just 15 shows. The Stones were also said to sell out every show of their "50 & Counting Tour," which commemorates their 50th anniversary as a band. The group also released a compilation album in 2013, titled "GRRR!," selling more than 1.5 million digital track downloads.

6. Beyonce - $24 million: Beyonce may have surprised fans with an album seemingly out of the blue in December 2013, but the singer had also been touring extensively for much of the year. Her "Mrs. Carter Show World Tour" grossed more than $104 million over 132 tour dates, with $59 million in the United States alone. Beyonce, additionally, kept $19 million of the earnings for herself. Her surprise fifth studio album also accounted for 1.3 of her total 1.6 million in album sales in 2013. It debuted at No. 1 on the Billboard 200 albums chart with more than 617,000 in first week sales.

7. Maroon 5 - $22 million: The Los Angeles-based band reached new levels of success in 2013, following the release of the fourth studio album "Overexposed," and a little help on the publicity front from lead singer Adam Levine's role on NBC's "The Voice." The LP spawned the hit singles "Payphone," "One More Night," "Daylight" and "Love Somebody," all of which peaked within the top 20 of the Billboard Hot 100 and garnered the group more than 7 million digital downloads. Additionally, the band toured extensively in 2013, completing their own "Overexposed Tour" in April 2013 and the joint "Honda Civic Tour" with Kelly Clarkson to a sold-out Los Angeles crowd in October 2013.

8. Luke Bryan - $22 million: Bryan made quite the splash on the country music scene in 2013, with the release of the wildly successful album "Crash My Party," featuring the hit single by the same name. In total, the singer sold more than 2.7 million album, more than 7.6 million digital tracks and earned a take of $15 million for his 2013 tour. Bryan's success in 2013 is only highlighted by his critical achievements as well, taking home the coveted Entertainer of the Year award at the 2013 Academy of Country Music Awards. He is nominated for the award again in 2014.

9. Pink - $20 million: In addition to being named Billboard's 2013 Woman of the Year, and being invited to perform at the 2014 Oscars, Pink has cemented herself as one of the most sought-after touring performers in pop music. The singer's "The Truth About Love Tour" earned her more than $15 million for just the U.S. portion of her global trek. Her sixth studio album, which is also titled "The Truth About Love," earned Pink her first ever No. 1 debut on the Billboard 200 albums chart and spawned several hit singles, earning the singer more than 8 million digital downloads.

10. Fleetwood Mac - $19 million: The classic rock band, consisting of Stevie Nicks, Lindsey Buckingham, John McVie and Mick Fleetwood, earned astronomical sales of their 2013 tour, taking home more than $17 million in just 34 shows. The group's success in 2013 was also due in part to the release of their first new material in more than a decade, "Extended Play."

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