The announcement comes after Campaign revealed that the network was closing down VH2 in order to free up the bandwidth for a new channel (Campaign, 7 July).
The new channel, called MTV Flux, will run across online and mobile platforms as well as on TV.
It marks MTV's first serious move to tapping into the online social networking phenomenon, which is dominated by players such as MySpace and Bebo.
The MTV Flux brand will roll out in two stages. The interactive platforms are scheduled to go live on 1 August, with the launch of a community-based website on which users can create their own personalised avatar and on-screen identity.
A spokesman for MTV said that a final decision had not been made on the launch date for the TV channel. However, it is slated to appear in early September.
MTV Flux will feature back-to-back music videos chosen by Flux members on the interactive platforms. The channel will also run user-generated content and text-to-screen applications.
Airtime sales on MTV Flux will be handled by the sales house Viacom Brand Solutions. Nick Bampton, the managing director of VBS, said: "MTV Flux is a unique proposition for advertisers. For the first time in the UK, MTV Flux will enable advertisers to reach a music-, media- and tech-savvy community across a number of platforms in an ongoing relationship.
"User-generated content and social networking are increasingly popular trends. Not only does MTV Flux tap into the heart of these, it also offers something that has never been seen before."