Not to be overshadowed by Facebook, MySpace has announced the launch of a self-service ad platform designed for small business owners, brands and politicians, reports Online Media Daily.

The "SelfServe" platform, part of the company's "HyperTargeting" initiative introduced this summer, enables advertisers to purchase, create and analyze the performance of ads throughout the social network.

"There are 23 million small businesses in the U.S., and less than a million advertise online," said Chris DeWolfe, CEO and co-founder of MySpace. "SelfServe is designed for the millions of businesses that don't advertise online today; we want to bring that new class of advertisers to MySpace."

SelfServe gives smaller players the customized tools to upload ads and select target audiences based on geographic, demographic and user interest criteria. In turn, MySpace is hoping to tap a far larger group of advertisers.