Last year MySpace announced plans to launch a self-service ad platform for users by early 2008. When seven months passed and nothing materialized, some gave up hope.

But yesterday the social network said that its Self-Serve Ad Service is finally in public beta, ready for individuals and companies to promote themselves to the site's enormous audience.

In July, MySpace had a record 75.2 million unique US visitors, the highest number since its launch in 2004 and an increase of 2.5 million from June.

How the self-serve ad platform works: Select an audience, targeted by gender, age, region, city/state, interests, etc. MySpace locates these users by the data provided in their profile and also by IP address.

Specify how much you wish to spend on the ad campaign. Pricing runs from $25 up to $10,000, reports PC Mag.

The system operates on a pay-per-click basis, meaning users don't pay to list the ad, but will be charged a minimum of $0.25 when someone clicks on it.

Advertisers may upload their own creative or customize a MySpace ad template, writes CNET.

In June, MySpace released mockups of a site redesign that would increase ad space and allow for better banner ad flow.