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Two weeks after News Corp COO Peter Chernin told an audience in New York that MySpace ads are ahead of target, the site launched a self-serve ad system at advertising.myspace.com. Aimed primarily at musicians and small businesses, the ads start at a $25 minimum for a campaign. The big difference from Google's AdWords: MySpace ads only link to other MySpace pages. Here's a summary of Mashable's writeup on the system:

  • Ads are banners, not text — either 728×90 or 300×250.
  • The ads must link to another MySpace page, rather than offsite.
  • Minimum campaign buy: $25
  • The ad system seems tied to the pending launch of MySpace Music, a venture with the Big Four record labels.