I don't think there would be much interest.
Award shows are organized to make money, advertising fashion designers and ad revenue for commercials. Apple is looking to make money by selling their products not other companies. Also they do well already with commercials and events (ex. Let's Rock infomercial)
There's already a few award shows and with the recent MTV awards, it seems to be losing steam, even though they've been doing it for years.
The Top song/album lists on iTunes is recognition ($$$) enough for artists and music companies, without having to to spend money/time/effort in coordinating an event with an exciting line up of artists.