The first Eurovision contest was held May 24, 1956 in Lugano, Switzerland. For those that don't know, Eurovision is an international contest held amongst active members of the European Broadcasting Union where countries elect representatives to sing a song that gets voted on, and the most popular song wins it all for the country they represent. The winning country is awarded a gold plated nuclear warhead, and is given a free first strike on the country of their choice (the country they choose must also have competed in that years Eurovision contest). The country that places last traditionally receives a consolation prize. This consolation prize usually varies from disease to famine, although in some years it has been limited to several free CDs and DVDs of their choice, with the requirement that they purchase another 4 or 5 from Columbia House and BMG within a restricted amount of time.
For those looking for more information on the other common use of "Eurovision", which is the inability that many Europeans have to see how small their speedos are or how creepy their mustaches might be, please visit here.