04/09/2014 at 09:00 AM EDT
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
Others named as finalists in 11 categories each were Macklemore & Ryan Lewis
, Katy Perry
and Justin Timberlake
, who is vying for his first win in the solo artist category.
Other first-time finalists this year are Lorde, Avicii
, Capital Cities, Zedd
and Sidewalk Prophets. The top country artist, earning nods in seven categories, is Luke Bryan
Up for Billboard's Milestone Award
are six finalists: Carrie Underwood
, Ellie Goulding
, 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.