Madonna crowned top music earner

Madonna. (WENN.COM)

Madonna was named the biggest money maker in music in 2012 on Friday, with a world tour helping her take home up to $34.6 million and highlighting the earning power of live performances as the industry increasingly goes digital.

The 54-year-old Material Girl topped Billboard Magazines annual list of 40 top money makers for the second time after earning an estimated $32 million - 93.5% of her revenue - from her 88-date MDNA tour, 2012s biggest tour.

Madonna, who also led the list in 2008 due to tour income, was the only woman in the top 10 with last years winner, Taylor Swift, who fell to 15th place as she did not tour in 2012.

In second place in the music magazines list was Bruce Springsteen whose $33.4 million revenue was also primarily driven by touring, playing to sold-out stadiums and arenas.