It's an award show for music, I guess you're new to japanese related things, but Japan Yusen Taisho or Japan Cable Awards selects the songs that were popular and were the most listened, people can vote as well. Japan's year end music shows are important for an artist/singer, it's a great achievement for their career, only to be nominated is a huge feat. I won't say Japan Yusen Taisho is the most significant one, since I believe Japan Record Award is the most important award music show, but it's still somewhat important (for example, golden globes and academy awards, both are important but you can say which one is more significant on an actor's career and status).
You have 8 major music shows in the end of the year. The first is Best Hits Kayousai, then you have NTV Best Artist, then the award show Japan Yusen Taisho, after that you have FNS Kayousai (which was divided into two parts), then you have Music Station Super Live, to finish the year you have the award show Japan Record Award on the 30th and Kouhaku Uta Gassen on the 31st. Between 2016-2017, the last show is CDTV Special.
If you have any questions feel free to ask, I'm not an absolute expert, but I've been following japanese culture and entertainment since 2005, so I know a couple of things.