Call it the next round in the social network monetization drive. MySpace, which has quietly pushed forward despite the rapid growth of rival Facebook, has launched a beta version of its latest advertising tool -- Community Builder.

Bryce Emo, SVP of sales at MySpace, said the new tool allows marketers to develop long-term communications strategies with consumers by building branded communities.

"Community Builder is the next evolution of the MySpace brand profile -- a more flexible solution that puts creative freedom and control into the hands of advertisers to ensure that a community stays dynamic and interesting in between major campaigns and projects," Emo said.

Meanwhile, MySpace has promoted Jeff Berman from EVP of marketing and content to president of sales and marketing. MySpace, like Facebook, has struggled to monetize its traffic, and recently the company let go of Michael Barrett, the Fox Interactive Media CRO charged with finding a monetization model.

One challenge that continues to face both MySpace and Facebook is their viability as ad platforms. Recently, advertisers began to question whether MySpace and Facebook were good places to run ads.