In essence, the program works in a similar way to any pay-per-click program. Users create ads, select their targeting options, choose a budget and let the ads run. Like other programs users are only charged when somebody actually clicks on their ad.

While the program looks very similar to the "Facebook Ads" platform, it has a few important enhancements over its competition.

Firstly, advertisers have a wider variety on the look and feel of the ads they create. Users can choose between a 728×90 or 300×250 ad unit and can create an ad with pre-built templates and a Flash tool, or upload their own. (Facebook only allows advertisers to use a pre-determined headline, image, description format.)

Secondly, MySpace offers more advanced user targeting. Facebook’s targeting works by matching interest areas put in by users directly, so if you say you like motorcycles, you can target people based on that. MySpace’s platform is different; it builds a profile of each user, based on their activity on MySpace and places them into different categories.

So if you want to target Men from New York who like snowboarding, you can, there are 17,689 of them.

If you’re ready to try "My Ads" for yourself, head over to https://advertise.myspace.com, setup your ad and let us know what you think!