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For small and medium-sized advertisers interested in advertising on myspace, the time has finally come. Well, it really came a long time ago, but now it’s easier and more accessible for lower-budget advertisers to run campaigns through myspace’s new myAds Beta advertising platform. Finally, myspace has caught up to, and possibly surpassed, Facebook with an easy to use campaign management tool.

Here’s the lowdown on myspace advertising:
Myspace takes users through a step-by-step banner ad campaign creation process consisting of a few simple steps:

• Select a template: To begin with, myspace offers a number of pretty good-looking premade templates that require little more than quick text edits to create a clear and effective banner ad. At the time of this post, banner ads came in two sizes, 728x90 and 300x250. For the artistically-inclined, myspace allows users to upload images for their banner ad.

• Customize template: Next, you’re given a number of tools to customize the template you’ve chosen or the image you’ve uploaded. Customization options include adding and editing images and text to the template background.

• Target audience: Next, users determine the URL to point their ad to and they also select the targeted audience. Demographics can be targeted by gender, age, location and interests.

• Campaign budget: Lastly, advertisers set the campaign budget. Campaigns are spent on a cost per click (CPC) basis, allowing for a total campaign budget. The minimum CPC for any ad is $0.25 and the minimum campaign budget is $25.

Myspace’s myAds network will no doubt open up a world of opportunity for advertisers whose target audience is, well, just about anyone. As one of the largest social networks on the planet, myspace’s demographics cover consumers of all ages, locations and interests. In my opinion, it’s worth a try for just about any business.