The event was timed to coincide with the launch this week of , which aims to showcase Britain's best comedy talent and become the comedic equivalent of MySpace's music platform.
Teenage act Ashton & George picked up the gong at yesterday's event, beating another four finalists. The ceremony was available to all 120m MySpace users to view as a live webcast.
All of the acts performed in front of a panel of judges, including celebrated comedy producer John Lloyd, who is behind iconic shows such as 'Not The Nine O' Clock News' and 'Spitting Image'.
The awards ceremony marked the first time that MySpace UK has extended its brand into a webcast live event.
The comedy awards were announced earlier this year, when MySpace partnered with chewing gum sponsor Trident.
Dom Cook, MySpace UK's head of entertainment, said: "Our aim in creating this award is to provide little or unknown comedians with the platform to demonstrate their talent and be discovered by a new audience, with the ultimate aim of making it big."
The awards marked the climax of a two-month submission process, during which wannabe comedians were invited to submit short video clips to MySpace. Since October 1, users have been able to watch clips and vote for their favourite acts.
In August, MySpace announced a partnership with Warner Music Entertainment to launch an online comedy channel, Comedybox.tv, which is hosted on My Space Comedy UK.