Social networking site MySpace announced Thursday that it would create its own record label in an attempt to promote many of the bands that have used the service to draw attention to their music. The first album to be released from MySpace will be called "MySpace Records: Volume I" and include a mix of major label and independent artists, as well as unsigned acts.

The MySpace label has already signed one group, the Hollywood Undead, to release a full album towards the middle of next year. The Los Angeles rock and rap act has used MySpace for promotion since June. Altogether, some 550,000 artists and bands use the service. According to MySpace president Tom Anderson, at least four other bands could be signed to the label in the coming months.