Jay-Z and Beyonce have been selected amongst the 15 most powerful people in the music business, beating off competition from record label CEOs and industry heavyweights like U2, Lady Gaga and Simon Cowell.

Billboard's new Power 100 list breaks down music's most influential people using a variety of factors including market share, chart data and revenue. Jay and Bey, who placed 13th, were able to leave fellow stars like Lady Gaga, 84th, trailing in their wake because of their success and various business ventures outside of music.

The new parents were the highest placed artists on the list, only trumped by boardroom bosses like Interscope-Geffen-A&M founder and Beats By Dr. Dre co-owner Jimmy Iovine.

Topping the list is Live Nation and Front Line Mangement honcho Irving Azoff, who oversees the world's largest promoter, ticketing company and artist management group.

Rumours Jay-Z and Beyonce had chosen Oprah Winfrey to be godmother to their new daughter Blue Ivy Carter were shot down by Oprah's close friend Gayle King, who told CBS News last week, "She hasn’t even had time to send a baby gift because she’s been away."

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