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Having its outset in 1965, on the Dongyang Broadcasting (TBC) and known in its earliest form as Broadcast Musician Awards. Following this, TBC and KBS networks were merged into one, and the program name changed from TBC's Broadcast Musician Awards to KBS' Musician Awards.
Following the merge, the program aired on KBS 1TV channel each year on 30 December, and advertisements show that until 1994 it continued on this channel. The program subsequently aired on KBS 2TV channel from 1994.
Until 1986 the contestant field was made up of one team of males and one of females, but from 1987 the format changed where one member of a team would end up with the award.
Until 2005 the annual broadcast format persisted. However for some reason not public disclosed, the program's name changed yet again this time to: KBS Artist Festival (KBS Gayo Daechukje). Along with the name change, the format also was modified where individual artists received special awards.
Following this change and from 2009 another format change came about where "viewers could select the top artists and their awards," by way of a text-message vote, and the program continues with this practice.