The winners reflect the weekly charts published by Billboard from December 2002 through November 2003.
50 Cent is a contender in six categories, including artist of the year, album of the year for his "Get Rich or Die Tryin," R&B/Hip-Hop artist of the year and Hot 100 single of the year in "In Da Club."
R&B stars R. Kelly and Beyonce are each finalists in five categories, while Sean Paul and the Dixie Chicks are contenders in four, Billboard reports.
"Crazy in Love" has Beyoncé and Jay-Z as finalists in a new category: digital track of the year. Other finalists in that catagory are: Black Eyed Peas, Coldplay and OutKast.
The awards show will be broadcast live on Fox at 8 p.m. EST and tape-delayed on the West Coast.