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The mag\'s latest issue features Kanye West and Lana Del Rey posing with Universal Music Group chairman and CEO Lucian Grainge, who also nabbed the No. 1 spot of

\'s list this year. Grainge\'s top spot is one position higher than his No. 2 spot from last year\'s list.

"Lucian has such an extensive knowledge of music history, yet his eye is always on the future," Del Rey gushed of her boss in the issue. "As artists, we\'re lucky he\'s at the helm."

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In addition to West and Del Rey, Grainge also oversees the careers of stars like Taylor Swift , Iggy Azalea, 5 Seconds of Summer, Ariana Grande and Sam Smith.

\'s Power 100 list this year, Michael Rapino, the president and CEO of Live Nation Entertainment, came in second, Irving Azoff, CEO of Azoff MSG Entertainment, came in third and Martin Bandier, 73, CEO of Sony and ATV Music Publishing, nabbed fourth. Other big names on the list include Jimmy Iovine, Coran Capshaw, Guy Oseary, Scooter Braun, L.A. Reid, Lorne Michaels, Doug Morris and Bob Pittman.

The mag celebrated their annual issue last night with a bash at Bouchon in Beverly Hills.

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