After securing the biggest Eurovision Song Contest victory of all time and securing Norwegian broadcaster NRK the record of the most watched television show in Norwegian history, the next record is on for Alexander Rybak. Fairytale now stands a chance of becoming the most commercially successful Eurovision Song Contest winner since 1976.

Fairytale, the Eurovision Song Contest winning entry is topping download charts across Europe. On itunes music charts, it sits top of the pile in most European countries today. In Australia, it entered yesterday at 92 and has risen to 19 today.

Fairytale looks set to become the most commercially successful Eurovision Song Contest entry since 1976 when Save Your Kisses For Me (United Kingdom winner) sold more than Waterloo managed in 1974.

It is becoming increasingly clear that the Eurovision Song Contest has produced a winner that is hugely popular and commercially successful for the first time in many years. Even last year’s winner, produced by Timbaland did not achieve international success except in a handful of countries and did not top any European charts outside of Russia.

The phenomenom that is growing around Alexander Rybak and the Norwegian delegation is already making the Eurovision Song Contest into an event that every record label will now take seriously and consider entering their biggest artists for. Whilst this has been happening in Eastern Europe in recent years, few countries in the West of Europe have seen this until now.

France 3 pulled off a huge coup in securing Patricia Kaas for the 2009 Eurovision Song Contest, whilst the BBC secured Andrew Lloyd Webber and Diane Warren as a high profile songwriting team,and the Netherlands sent a hugely popular local act in The Toppers. All of these artists have helped to increase the profile of the competition.

• Purchase Fairytale from itunes here to support the push for the Eurovision Winner's chart success