Apple has announced its upcoming milestone of 1 billion song downloads.

As always prizes will be awarded at every 100,00 song milestones starting at 950,100,000, prizes will include a 4GB Black iPod nano and a $100 iTunes Music Store card.

The grand prize will be awarded to the person who downloads the 1 billionth song, the prize will consist of a 20-inch iMac, 10 60GB iPods (5 white, 5 black) and a $10,000 iTunes Music Store card.