Queen drummer Roger Taylor has said he and guitarist Brian May felt "so proud" as they picked up the Polar Music Prize in Stockholm.
Sweden's King Carl XVI Gustaf presented the award to the rock band Queen, US jazz musician Herbie Hancock, and Canadian conductor Barbara Hannigan during a gala ceremony held in the Swedish capital on Tuesday.
Founded by ABBA publisher, lyricist, and manager Stig 'Stikkan' Anderson, the prize celebrates the power and importance of music.
It is awarded to individuals, groups, or institutions for excellence in the world of music.
On receiving the award, Taylor said: "When we started our band... we had ambitions but never dreamed of the journey that was to follow.
"We were fortunate in the fact that our four wildly different personalities came together to achieve a wonderful chemistry.
"The Polar Music Prize is exceptional in the fact that, unlike other awards, it recognises the entirety of an artiste's career.
"What an honour to be included in the glittering cavalcade of previous laureates. True Olympian company indeed. We are so proud to be the recipients of this incredibly prestigious award."
May added: "In this special moment, I contemplate how that younger Brian May in 1974 would have felt if he knew that we would be living this kind of dream 50 years in the future."
Hannigan said she was "deeply thankful for all the collaborations which have nurtured me", adding: "I am humbled to be among these laureates of 'musical royalty', and to share the honours tonight with the legends who are Herbie Hancock and Queen."
Hancock said: "What an incredible honour to be with you here tonight, to receive the prestigious Polar Music Prize. I'm deeply humbled.
"I accept this award not just for myself, but on behalf of all the musicians and dreamers who dare to believe that creativity and human connection can change the world.
"I truly believe that music and the arts can illuminate the path towards a more peaceful and compassionate world, and it is vital that we, the artists, give back and share our knowledge and experiences with the younger generations, our leaders of tomorrow."
This year's ceremony took place at the Grand Hotel in Stockholm and was presented by the mezzo-soprano and journalist Boel Adler.
The evening featured live music from artists including the rock band Ghost, who performed a rendition of Bohemian Rhapsody with Opeth guitarist Fredrik Åkesson, and Queen frontman Adam Lambert, who performed the hits Who Wants to Live Forever and Another One Bites the Dust.
Guitarist May, drummer Taylor, late frontman Freddie Mercury, and bassist John Deacon scored numerous number ones during Queen's heyday as the band became one of the best live touring acts in the world.
They were inducted into the Rock and Roll Hall of Fame in 2001 and had all four members inducted into the Songwriters Hall of Fame in 2003.
Mercury died aged 45 in 1991.
Previous winners of the Polar Music Prize have included Paul McCartney, Elton John, and Iggy Pop.
The Polar Music Prize is awarded by an 11-member board that selects the winners from nominations from the public and the International Music Council.
Source: Press Association
