MySpace is targeting small-business owners with this week's release of MyAds, a low-cost do-it-yourself direct advertising application that taps directly into the site's 122 million users.

The new service allows smaller businesses to develop a targeted marketing campaign ranging in price from $25 to $10,000, according to News Corp.-owned social networking giant. It enables owners to create their own banner ads, form a target audience based on important demographics, and track their ad campaign's performance.

To position the ad, the application identifies the best markets based on age, sex, location and the expressed interests of MySpace users.

"MySpace MyAds is a direct marketer's dream -- providing entrepreneurs with the most accessible, personalized, and targeted advertising toolkit in the market," Jeff Berman, president of sales and marketing at MySpace, said in a statement.

According to comScore, MySpace recently surpassed Yahoo! as the top online ad display site in the U.S., accounting for 15.9 percent of all display ads viewed in June.