IT'S watched by a global audience of 161 million and has launched many successful music careers.
But Eurovision glory alone doesn't make contestants rich, nor are there any continued Contest perks for winners.
Instead, it's all about the prestige and the doors that open up afterwards.
Cheryl Baker, who won the Contest in 1981 with Bucks Fizz, has lifted the lid on what it's really like to be a Eurovision champ.
Speaking on behalf Ice 36, she exclusively told The Sun: "The artists make nothing from the contest, not a single penny. We have one trophy to share, which I’ve never had in my house ever after forty-two-years. You don’t win any money, it’s the prestige.
"It opens so many doors. By winning Eurovision, our single was a global hit and we got to travel the world. We had loads of hit singles and hit albums. We were always travelling around the world to perform and that was because we won Eurovision.
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"Maybe there was money, but if there was we didn’t see it and, it wouldn’t have been a lot. It was all about the prize and the trophy, the fact that you’ve won, that is a big enough prize – we didn’t need any money.
"We don’t get invited every year. We are invited this year. We’ll be there at some point. You don’t get any perks. There’s no goody bags. There’s no club – none of that. It’s more like, 'Did you win?' OK, next (laughs)."
The trophy Cheryl, 69, refers to has spent its entire life on the coffee table of band member Mike Nolan who, she claims, won't let anyone else have it.
"He said he’s going to leave it me in his will," laughed Cheryl. "But it’s not his, it's ours (laughs)."
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Bucks Fizz were formed especially for the 1981 Contest and became one of the best-selling UK pop acts of the 80s shifting 50 million records and achieving three number one singles as well as many other charting hits.
That success is something Cheryl will forever be grateful for as it saw her trade an East London council flat for a life of luxury.
"For me, it’s been phenomenal," she said. "It has made my life a success and I have loved every bit of it. To go on Top of the Pops with a number one record, and that only happened because we won the Eurovision song contest, was incredible.
"There is nothing about winning the Eurovision that is a curse. Nothing at all. Everything about Eurovision, from my experience, is superb. It is the most fantastic thing that has ever happened to me. It changed my life for the better. It was an amazing experience.
"I revelled in it. From winning Eurovision, from that point on, for the next three years, everything we did was first class. We would have limousines – I was from a council flat in Bethnal Green – we flew everywhere first class. We would stay in the best hotels, we would eat in the best restaurants."
Little did Cheryl know at the time that she and her band members were really bankrolling their extravagant life through their record sales royalties.
However, even when the cost of such a decadent lifestyle eventually dawned on her, she had no regrets.
She explained: "I wouldn’t have changed a thing about it. To be treated like that, for that amount of time…if you know that it is going to cost you a fortune, then maybe you’d say 'I’ll go economy or put me in a mini cab,' but isn’t it great to sit in the back of a limo-blimmin-sine and turn left on the plane instead of right? It’s fantastic!
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"There is no downside to winning Eurovision. Everything about it, even though, it does cost you and it did cost us, it’s just the best experience ever and it still is. I’m still earning my living from the fact that I won the Eurovision Song contest."
Cheryl Baker was speaking on behalf of online casino ICE 36. ICE 36 raises the bar when it comes to delivering fun and immersive online gambling where enjoyment and safety comes first.
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