The platform, which is now running in a trial phase, provides advertisers with analytics to help them gauge campaign performance and make real-time adjustments.
It is available in two versions, self-service and full-service, which both give advertisers increased profile functionality and 24-hour access to updating community elements such as blogs and bulletins.
MySpace said that Community Builder would allow its clients to connect with potential brand evangelists in an unprecedented way through their ability to update and manage communities in real- time.
Self-service is aimed at advertisers who are familiar with MySpace and who have advanced design coding skills, with the time and resources required to maintain a community.
While the full-service offering is for advertisers that require in-house MySpace experts to handle the production of the user experience, community design, and interactive elements, including sweepstakes and contests.
Bryce Emo, senior vice-president of sales at MySpace, said: "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.
"This new platform enables marketers to fulfil long-term communication strategies with consumers who engage in and befriend their communities. It's an opportunity to connect with users faster and easier than ever before."
The Community Builder platform is currently being beta tested by Deep Focus. It will be available broadly in the coming months.