Carly Pearce and Lee Brice already have something to celebrate ahead of Sunday's Academy of Country Music Awards, as the two have won Music Event of the Year for their No. 1 hit "I Hope You're Happy Now."

Brice and Pearce were surprised with the news yesterday (April 15) while talking with media in Nashville ahead of the show.

Pearce shared the news on social media, saying, "Is this even real life? This song continues to show me that all of my country music dreams are coming true."

“I'm over the moon on winning this award but especially happy for Carly,” Lee said. “This is her story, her song and I am honored to be a part of it. Seeing this from the very beginning from her prospective to now winning awards is full circle—and humbling but rewarding.”

Indeed, Pearce wrote the song alongside Luke Combs, Randy Montana and Jonathan Singleton.

“Everyone at some point in their life has found themselves caught in a relationship where you love the other person so much, yet over time, it all falls apart,” Pearce says of the song's inspiration. “When we all started talking about our lives and our journeys, every one of us had been in this position – and it’s the worst feeling. You get to a point where you have to do something, and even that doesn’t really make things better, it just creates a hole where your heart used to be.

“To see people respond to ‘I Hope You’re Happy Now’ the way that they have has been is incredibly affirming, because I think it makes you – wherever you are in your life – feel less alone. And having Lee’s voice, which is a bit of hurricane the way he comes in, it really brings home how hard it is for both people in these kinds of situations.”

They are set to perform the song together during the ACM Awards telecast on Sunday (April 18). Brice and Pearce were previously slated to perform the hit at the 54th annual Country Music Association Awards (where the song earned Musical Event of the Year), but Brice was unable to attend at the last minute due to testing positive for COVID-19. Lady A bandmember Charles Kelley stepped in for Brice to perform the duet for the CMAs.