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A new music prize named in honour of the late Dylan Taite - one of the country's most highly respected music journalists - will be awarded next year.

The Taite Music Prize will acknowledge the best album released in the previous year.

The award was established by Independent Music New Zealand and Phonographic Performances New Zealand, in conjunction with the Taite family, to champion the finest release by a New Zealand artist or group.

Dylan's son John says the prize acknowledges both the work of his father and some great New Zealand talent.

"Never mind the bollocks ... here's the Taite Music Prize," he said. "Dylan and music went together like gunpowder and matches. He was always ahead of the bounce, a creative pioneer who took risks and believed in the long shots - the same qualities all great New Zealand music has at its core."

Dylan Taite, who died in 2003, was known for his deadpan and at times off-the-wall music reporting, and he was also renowned for his vast musical knowledge.

His interviews with Bob Marley - whom he also played soccer with - are regarded as some of the best the great reggae star ever gave.

The focus of the Taite Music Prize, which carries a cash prize of $10,000, will be on originality, creativity, and musicianship displayed on an album, rather than sales or any other commercial factors. This is similar to how New Zealand's premier songwriting award, the APRA Silver Scroll, is judged.

Five finalists will be announced on February 3. A 10-person judging panel, made up of people from the recording industry and radio, music journalists and a member of the Taite family, will decide the winner, which will be announced on March 31.