"1989" beat Adele's "25", "Beauty Behind the Madness" by The Weeknd, "In the Lonely Hour" (Sam Smith) and "X" (Ed Sheeran) to become the winner.
Swift's other honours included artist of the year, best tour and most meme-able moment. Bieber, 22, became the artist of the year. He also bagged trophies for best dance song of the year ('Where Are U Now?') and best fan army.
"Hello" from "25" became song of the year, defeating "Can't Feel My Face" (The Weeknd), "Shut Up and Dance" (Walk The Moon) and "Uptown Funk" by Mark Ronson featuring Bruno Mars.
In a new category, Luke Bryan won the award for country artist of the year. Swift's boyfriend Calvin Harris bagged the dance artist of the year trophy. Hip hop artist of the year award went to Drake.
Pitbull received the Latin artist of the year honour. Selena Gomez won the triple threat award as the singer has dabbled into dancing and acting besides a full fledged singing career.
"Uptown Funk", by Mark Ronson featuring Bruno Mars, got the best collaboration. Lady Gaga's "Till It Happens To You" won the best song in a movie award.
Rock song of the year award went to "Heavy Is The Head" by Zac Brown band featuring Chris Cornell.
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