As Peter Krasilovsky examined a few weeks ago, MySpace launched the beta version of its self-serve pay-per-click ad platform last night. Called MyAds, it will offer a number of text and display ad creation tools and targeting options within the MySpace network.

Similar to AdReady (as Peter noted), this is geared toward SMB advertisers and those inclined to advertise on their own. The targeting options are meanwhile what differentiate it. They are similar to Facebook’s self-creation ads that target users based on profile information, but go a few steps further with behavioral targeting. This has lots of local ad targeting implications.

TechCrunch put it best:

The key to MySpace’s ad platform is their hypertargeting technology. Facebook allows targeting as well, although it’s based on interest areas put in by users directly. So if someone says they like books, you can target ads to them based on that. What MySpace does is much different — they build out a profile of each user based on what they do on MySpace over time, with 1,200 different ways to categorize each user. So if you only want to target women who live in California between the ages of 25-30 who like motorcycles, i can. There are 2,842 of them on MySpace. And if I just want to target those in San Francisco, I can. There are 147 of them (the ad tool tells you all of this).

Targeting ads more meaningfully within social networks has become a hot topic as user engagement and advertiser interest grow, and social networks themselves look to better monetize massive traffic volumes. We’re definitely seeing a trend, indicated by Facebook’s integration of Live Search last week, and Google’s speculated moves toward quantifying influence within social networks.

These are each moves toward better content delivery and the elusive monetization of social networks.