With rival Facebook's open API gaining traction, MySpace on Wednesday said that it would launch its own API on February 5.

The launch will also herald the promotion of the market-leading social network's business development chief Amit Kapur to the position of chief operating officer. Kapur will be tasked with heading up the program.

Unlike Facebook's API, at least initially, applications developed will only be usable on the MySpace service. At launch, it will be available in about 28 countries. MySpace also hopes to avoid any problems with data privacy such as its rival Facebook saw with its launch of Beacon.

However, at the same time the program will be compatible with Google OpenSocial from the start, which means applications could eventually make it to other compatible social networks.

An ad revenue arrangement will also be introduced, allowing developers to monetize applications. This will add to MySpace's bottom line as well, allowing it to offer advertisers a broader ad space inventory.

Most of the specific details have not yet been announced, but will be on Tuesday. Until then, interested parties can pre-register for the program on MySpace's developer website.

Kapur told Mashable that the site has maintained a "open relationship" with widget developers. The site would like for those off-site mini-applications to be able to tap into MySpace data, which in turn could drive more users to the site.