The findings have been revealed in UK Music's annual 'This Is Music' report.
Three Gift of the Academy Awards were presented on the night, while a further eight composers and librettists were also recognised.
The composer will be honoured at The Ivors Classical Awards next month.
The coveted award was presented to the artist during the ceremony in Newcastle this evening (16 October).
The ceremony will take place at BFI Southbank in London next month.
The inaugural ceremony took place in London last night (2 October).
The plaque was unveiled earlier today (30 September) at the T. Rex musician's former home in Maida Vale.
The winner will be announced during the main ceremony on 12 November.
The prestigious award will be presented at a ceremony in Newcastle next month.
Eight albums will be shortlisted for the inaugural award, which will be handed out next year.
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