Dr. Dre to receive inaugural Hip-Hop Icon Award from music licensing group ASCAP-LoTradeCoin

The American Society of Composers, Authors and Publishers announced Tuesday that it would be presenting artist and producer Dr. Dre with its first-ever Hip-Hop Icon Award. The award honors "ASCAP members whose musical contributions have made an indelible impact on the art and culture of hip-hop," the music licensing group said in a statement.

Dr. Dre will be presented with the honor at the ASCAP Rhythm & Soul Music Awards Celebration of 50 Years of Hip-Hop in Los Angeles on Thursday.

"Dr. Dre's groundbreaking early work laid a foundation for hip-hop as we know it today. As a champion for some of today's biggest artists and a successful entrepreneur, he changed the culture around hip-hop," said ASCAP Chairman of the Board and President Paul Williams.

Rappers Dr. Dre and Snoop Dogg backstage at the Source Awards which were held at Madison Square Garden on August 3, 1995, in New York, NY. Al Pereira / Getty Images

Dr. Dre is an eight-time Grammy Award-winning producer and musician, as well as the founder and CEO of record label Aftermath Entertainment and electronics giant Beats Electronics. He also founded Death Row Records, a favorite of West Coast hip-hop legends such as Tupac, MC Hammer and Snoop Dogg, who were on the label's roster in the 90s.

Dr. Dre also founded the American hip-hop group N.W.A. in Compton, California, in 1987, but his solo career began five years later with his first album, "The Chronic" — which is now certified triple platinum.

Rappers N.W.A. (back) Dr. Dre, Laylaw from Above The Law, The D.O.C. (front) Ice Cube, Eazy-E., MC Ren and DJ Yella pose for a photo before their performance during the "Straight Outta Compton" tour at Kemper Arena in Kansas City, Missouri in 1989. Raymond Boyd/Michael Ochs Archives/Getty Images

Dr. Dre's production is widely credited with having launched the music careers of hip-hop legends such as 50 Cent, Eminem and Kendrick Lamar, among others.

"Dre continues to be a pivotal figure in the music industry and we are thrilled to recognize him with the inaugural ASCAP Hip-Hop Icon Award as we mark 50 years of hip-hop," said Williams.