K-pop sensation BTS has been named Global Recording Artist of the Year by IFPI, an organization representing the worldwide recording industry.

IFPI awarded the annual honor to BTS on Wednesday through its website when it released its list of the top ten best-selling musical acts for 2020. 

Frances Moore, IFPI's chief executive, said in a statement that BTS is a "global phenomenon," noting that the band has had another outstanding year, releasing three albums and continually finding creative and engaging ways to share its story with the world.

Moore added that BTS has proven the "power that music has to bring joy and happiness to people the world over."  

The award takes into account an act's worldwide performance, based on a number of measurements across digital and physical music formats and includes their entire body of work.