The awards are among the most significant that a group or artist can receive in New Zealand music, and have been presented annually since 1965.

A range of award sponsors and media partners support the event each year.

The awards were created by soap powder manufacturer Reckitt & Colman's advertising agency, with support from the New Zealand Broadcasting Corporation (NZBC), the New Zealand Federation of Phonographic Industries and the Australasian Performing Rights Society (APRA), with the awards named after Reckitt & Colman's anti-dandruff shampoo, Loxene.

[8] Created in 2007 in conjunction with the Australasian Performing Right Association (APRA), the New Zealand Music Hall of Fame pays tribute to those who have "shaped, influenced and advanced popular music in New Zealand."

[9] Awarded from 2010 until 2016, the Critics' Choice Prize was given to artists who were expected to be successful in the music industry in the future.