The social-networking site now allows its users to create self-styled advertisements to promote their small business, professional services, or even bands, which will target other MySpace users based on their profiles.
Small businesses or individual advertisers will be able to comb through millions of users with a click of a mouse, selecting their target gender, age, postcode, hobbies or musical preference.
MyAds will work on a per-click basis, much like Google's AdWords system, which generated $16.4bn (£9bn) in revenue for Google in 2007.
A basic advertisement will cost a minimum of $25 (£14.50) depending on the target market, rising as high as $10,000 (£5,800), which can be paid by credit card.
MySpace chief executive Chris DeWolfe said that the service is especially timely as small-to-medium size businesses, which are hardest hit by the credit crunch, have already begun to cut their advertising costs.
DeWolfe told Reuters: "If I'm a small business, I can't afford to hire an ad agency to do my creative. I can't afford to hire a graphic designer and I can't afford to hire a media buyer."
Users can create their ads using custom tools and a picture upload facility, and analytical tools help advertisers determine if their message is reaching its targets. Ads can be edited and tweaked at anytime.
The service went live today in a 'beta' version after being tested by 3,300 users for the past three months.
Last month, in a bid to become the world's biggest online music community, MySpace unveiled its MySpace Music service, which allows users to stream free music and purchase tracks.
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