American alternative rock group Imagine Dragons and New Zealand singer Lorde were named Billboard Music Award finalists in 12 categories each, followed by singer Justin Timberlake with 11 and pop star Katy Perry with 10, organizers said on Wednesday.

Rapper duo Macklemore & Ryan Lewis wasn't far behind with nods in eight categories, and will vie with Imagine Dragons, Florida Georgia Line, One Direction and OneRepublic for the top duo/group prize.

APTOPIX Lorde Performs at Roseland

Singer Lorde will compete against Beyoncé, Cyrus, Perry and Rihanna for top female artist. (Evan Agostini/Invision/Associated Press)

R&B singer Jason Derulo announced the finalists in five of the 40 finalist categories – top artist, top male artist, top female artist, top R&B artist and top country artist – on ABC's early news show Good Morning America.

The awards will be broadcast live from the MGM Grand Garden Arena in Las Vegas on ABC on May 18.

Imagine Dragons, whose album Night Visions is up for top rock album, will be competing for its first Billboard Music Award, including the top artist prize. Other artists nominated in the category include Perry, Timberlake, Miley Cyrus and Bruno Mars.

Lorde, whose hit single Royals and debut album Pure Heroine propelled her into the finals, will compete against Beyoncé, Cyrus, Perry and Rihanna for top female artist.

Timberlake, Mars, rapper Eminem, pop country singer Luke Bryan and rapper Drake will battle it out for the top male artist prize.

Billboard, a magazine that covers the music industry, said the finalists were based on fan interactions with music, including album and digital sales, touring, radio airplay, streaming and social interactions on websites such as Facebook, Twitter, YouTube, VEVO, Spotify and other online sites for music.