Katy Perry and Carly Rae Jepsen shared the spotlight at the Billboard Women in Music Event, where the two technicolored starlets were the guests of honor.

Perry earned the highly coveted Billboard Woman of the Year title for the massive success of 'Teenage Dream' and 'Teenage Dream: The Complete Confection,' which sold a staggering amount of copies and charted singles way beyond its original August 2010 release date. Jepsen earned the Rising Star Award for the success of her incomparably catchy 'Call Me Maybe.'

Perry chatted onstage with Jon Stewart about her success, work ethic and relationship with fans. "I am not a feminist, but I do believe in the strength of women," Perry said. (She clearly doesn't quite grasp the meaning of the word "feminism," which isn't the belief that women should be superior to men, but the belief that women and men should be treated as equals.)

Another title she doesn't like much? "I don't really like to call myself a role model for my fans," she added. "I hope that I am an inspiration for them, especially young women. My mantra, especially for the ['Part Of Me'] film, was: If you believe in yourself, you can be anything." She explained, "People don't want to look up to someone. They want to look at across at someone and say, 'That's my girl. She's singing something I don't know how to put into words. She's captured something and became the soundtrack of my life,'" Perry said. "And I know that if I get out of line, my sister back home will whack me across the face -- and so will my management."

As for Jepsen's success, the Canadian cutie explained that YouTube and fans had the biggest pull. "The thing we have now is more access to dance parties. I can remember my sister and I falling in love with the Spice Girls and we decided we were able to make our own little dance to it, only we weren't able to share it," she said. "Now you can do that. There's easier access to share the love that way."

Billboard's editorial director Bill Werde pointed out that 2009's honorees, Beyonce and Lady Gaga, went on to record the infectious 'Telephone' together, then said what we're all thinking:"So Katy and Carly, no pressure!"

Watch Katy Perry Talk About Being Woman of the Year

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