The Beatles

The rumors are true. Ringo Starr has officially been honored with a knighthood by Queen Elizabeth II in the 2018 edition of the U.K. monarch's annual New Year's Honours list. The Bee Gees' Barry Gibb also has been chosen to be elevated to a knight by the Queen.

Starr, born Richard Starkey, is being honored for "services to music." He is the second Beatles member to become a knight, as Paul McCartney was knighted in 1997.

"It's great!" Starr said in a statement via BBC News. "It's an honor and a pleasure to be considered and acknowledged for my music and my charity work, both of which I love. Peace and love."

Gibb is being recognized for "services to music and charity." The singer, songwriter and producer notes to BBC News that his late brothers and Bee Gees band mates Robin and Maurice were also knighted.

"It is as much theirs as it is mine" Barry said. "The magic, the glow, and the rush will last me the rest of my life."

Another musician being honored by the Queen in her 2018 New Year's Honours list is Soft Cell frontman Marc Almond, who was named an Officer of the Order of the British Empire "for services to arts and culture."

Previous musical talents who have been knighted include Mick Jagger, Elton John, Tom Jones, Van Morrison, Ray Davies and Rod Stewart.