Alex Ostrovsky from West Bloomfield, Michigan purchased the 1 billionth song when he bought Speed of Sound by Coldplay. As the grand prize winner he will receive a 20-inch iMac, 10 fifth generation 60GB iPods and a $10,000 gift card good for any item on the iTunes Music Store. In addition, Apple will establish a scholarship to the world-renowned Juilliard School of Music in his name to commemorate this milestone.
The iTunes Music Store has posted the following statement as well:
I hope that every customer, artist and music company executive takes a moment today to reflect on what we’ve achieved together during the past three years,

February 27th, 2006 - 6:35 am
[...] Apple recently announced 1 billion songs purchased on the iTunes Music Store and Mike D. of Mad Dog in the Fog did some digging around through Apple press releases and located the iTunes Music Store milestones and the plotted them on a graph. [...]