Apple on Tuesday launched a new contest to celebrate the success of iTunes as the service approaches its 500 millionth download. The Cupertino company will be offering prizes such as free song downloads, free iPods and even a three person trip to see the band Coldplay with backstage passes.

To celebrate the milestone, the company has placed a counter on its front page, which stood at over 481,600,000 as of mid-afternoon Tuesday. Every 100,000th downloader will receive an iPod mini of their choice as well as a 50-song credit for the iTunes Music store.

The grand prize winner -- the person who downloads the 500 millionth song -- will receive 10 iPods of their choice. Also, that person will receive a gift card good for 10,000 free songs, as well as gift cards of ten songs a piece to go with each of the iPods.

As an added measure, Apple has thrown in front-row tickets for Coldplay with backstage passes as well.

"As we prepare to cross this major milestone of half a billion songs, we want to thank our customers, the artists and the music labels who have helped make iTunes a global success," said Eddy Cue, Apple's vice president of applications.

Apple's download rates have continued to accelerate, now at nearly 1.5 million songs per day according to BetaNews estimates. Compare this with the same time last year, when the iTunes Music Store averaged about 665,000 songs per day.

Also with the announcement of the contest, Apple announced the availability of two tracks from the London performance of Live8. "Sgt. Pepper's Lonely Hearts Club Band" and "The Long and Winding Road" are now both available, with all proceeds benefiting debt relief in Africa.

Paul McCartney and U2's rendition of "Sgt. Pepper's Lonely Hearts Club Band" was made available almost immediately after the performance, making it the fastest ever release of a live track. The single has made it to the top of several digital music charts in Europe.