Billboard magazine has selected Neil Diamond to receive this year's Legend of Live award. The honor will be bestowed on November 8 at the Roosevelt Hotel in New York during the 2012 Billboard Touring Awards.

According to Billboard, the award "recognizes professionalism and steadfast commitment to the art and craft of live performance and the fan experience at concerts."

Ray Waddell, executive director of content and programming, touring & live entertainment for Billboard said "Neil Diamond personifies a Legend of Live. His fans span generations, and he remains committed to making his live shows the best possible experience for those fans, right up to his hugely successful 2012 North American tour. Neil Diamond has received a wealth of accolades, but Billboard is thrilled to be the first to recognize Diamond solely for his contributions to the world of live entertainment."

Diamond added "There is no musical expression that quite compares with that of presenting your work to a live audience. It is the kind of experience that can both exhilarate and humble you at the same time. I'm honored to receive Billboard's Legend of Live Award, and to have had the opportunity to perform live to audiences all over the world for the past 45 years. For me, there is no higher musical calling."

Diamond, 70, has received a number of honors over the last couple years including induction into the Rock and Roll Hall of Fame (2011), the Kennedy Center Honors (2011) and a star on the Hollywood Walk of Fame (2012).

Also being honored is Harlem's iconic Apollo Theater which will receive the Humanitarian Award.

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