There is some prices and Palm Sounds have a lot of readers so it will also give you attention for your music which is hard in this day and age.
The contest is over on Sunday the 25th of May and there must be a lot of readers that do have music made that you can participate with. I mean there is excellent music being made all the time with SunVox and Caustic amongst other apps that gets posted every day on Soundcloud where is all that music when it is time for a contest?
I mean even when you could win a car with the Yellofier app that had a free version of the app during the contest it was not more than 80 participants.
Here is the first two songs being made by the same guy using G-Stomper Studio.