Person of the Year' is an annual award given by TIME magazine to an individual who has had a significant impact on the world in the past year. The award was first given in 1927 and has been given out every year since then. The recipient is chosen by the editors of TIME magazine and is announced in the December issue of the publication. The award is often viewed as a symbol of recognition for the achievements of the recipient and is considered to be one of the most prestigious honors in the world.