MySpace will open its doors to software developers allowing them to create games and media-sharing applications for the popular social network.
MySpace has about 200 million registered users
MySpace will formally launch its "Developer Platform" next Tuesday but is already allowing people to sign up.
The tools have been developed with Google and will allow programmers to create programs similar to those used by millions on rival site Facebook.
Facebook opened up its site to outside developers last year.
It has since had great success, with nearly 15,000 applications written for the site.
These include photo-sharing and music recommendation tools as well as games such as scrabble.
However, despite its popularity, Facebook still lags behind MySpace in terms of overall users.
MySpace has around 200 million registered users, compared to 63 million who use Facebook.
MySpace was bought by Rupert Murdoch's News Corp for $580m in 2005.
Last October it announced that it would join OpenSocial, Google's platform designed to allow developers to build applications that will work on any website.
Other networks such as Bebo, LinkedIn and Orkut already use the tools.
The tools, available from 5 February, will allow developers to build applications that make use of MySpace member profile information and their connections with other users.
According to Amit Kapur, chief operating officer at MySpace, developers will also be able to make money out of their applications.
"I will be focused on making a platform for developers to monetize and promote their applications," he told Reuters.