Taylor Swift named highest-earning artist

Taylor Swift was named the highest-earning artist for 2014 by Billboard in its annual Money Makers list.

A year before, Swift was only ranked at number 15 after taking into account the artist's 2012 earnings, and Madonna reigned supreme.

According to Billboard's report, Swift earned a massive $39 million, helped along with the release of her latest album, "Red," which received several 2014 Grammy nominations, including Album of the Year. Popular songs included "We Are Never Ever Getting Back Together," "Begin Again," "I Knew You Were Trouble" and "22."

There were reportedly 10 million digital downloads for Swift's album and the singer's Red Tour grossed approximately $30 million within just six months.

Second in line was Kenny Chesney, who earned $32 million. Justin Timberlake was named third on the list, having amassed $31 million. In 2013, the former member of the boy band N'Sync released his album "The 20/20 Experience," which earned more than $5 million in album and digital track sales.

Bon Jovi was fourth on the list at $29 million, helped along by his 2013 Because We Can Tour, which received more than $200 million in sales across the globe.

Fifth was the Rolling Stones at $26 million. The group, formed in 1962, spent all last year touring.

Beyonce was at $24 million, followed by Maroon 5 at $22 million, Luke Bryan at $22 million, Pink at $20 million and Fleetwood Mac at $19 million.