MySpace and Eyealike introduce two very different advertising platforms. The application development efforts come against the backdrop of a recession that could cripple online advertising. Despite this, MySpace MyAds is for small businesses while Eyealike's VisualAd is designed to help improve contextual ad matching for social networks and rich media sites.

With Silicon Valley venture capitalists telling their portfolio companies to tighten their belts for the recession, it's a funny time to introduce a new platform for advertising, which is likely to be hard hit as companies cut costs.

Yet ad platforms are exactly what MySpace and visual search startup Eyealike launched Oct. 13. MySpace MyAds is designed to help anyone from local retailers to musicians and politicians create targeted ads for the social network's 122 million users.

MySpace MyAds lets SMBs craft custom banner ads for specific audiences. Business owners can then analyze how their ad campaign is faring on MySpace. According to MySpace's instructions, MyAds looks easy enough for a GEICO caveman to create.

Advertisers can either go to the MyAds site or click the Advertise link at the bottom of any MySpace page. Users create a display ad using the MyAds Builder Tool and select an ad price range from $25 to $10,000.  

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