The new tool, "HyperTargeting by MySpace", allows brands to buy advertising targeted to specific interest-based segments of the site's users. Brands that have used the service to date in the US include Ford, Procter & Gamble and Universal Pictures.
According to Nick Reid, head of UK sales, MySpace has already signed up Universal Music, Warner Brothers, Virgin Media and Sky to use the service in the UK.
Reid is now looking to make several new hires "probably with an agency background" to beef up the new strategic solutions division - to be headed former Digitas executive, Jess Maltby.
In the last couple of weeks, the UK sales team has been tentatively pitching the proprietary ad-targeting platform, which includes a planning tool called "HyperTargeting Wizard", to agencies.
Reid said: "As a planning tool [the service] allows you to go into our data and recognise your target audience and look at their interests and what the potential is. It will also show you what else they engage with in terms of content and friends."
Social networks have had differing degrees of success in tapping into ad revenues, with MySpace arguably leading the way.
Its three-year deal with Google, under which Google powers MySpace's web search and advertising listings, guarantees MySpace a minimum of $900m.
Last week, Microsoft struck a deal with Facebook to handle search queries on the rival social networking site.
Although financial details of the deal are not known, analysts claim the Facebook deal could be worth tens of millions of dollars. Last October, Microsoft invested $240m (£121m) in a 5% stake in Facebook.
However, digital agencies have warned that social networks need to develop more innovative ad offerings if they are to start realising their commercial potential.
Last month, Khalil Ibrahami, managing director at Unanimis, said: "The idea that social networks will make lots of money for their shareholders is a busted flush."
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