MySpace is making movies. Executives from the online community Web site today (Feb. 7) presented an innovative film project which will encourage creative input from its millions of users.

One million pounds ($1.97 million) has been set aside to fund the venture, dubbed MyMovie Mashup, which is driven by MySpace's European team and backed by a partnership of production and distribution firm Vertigo Films and Film4, U.K. network Channel 4 Television's feature film arm.

Through a Web page set up at www.myspace.com/mymoviemashup, the MySpace community will be invited to participate in the entire creative process of the movie project, including naming the film, script editing casting and identifying music for the soundtrack.

The first stage of the scheme encourages hopeful directors to submit a short film; the closing date for applications is April 27.

Entries will be selected by a panel of film industry figures, including directors, producers, actors and executives.

Three finalists will be chosen by the panel, and the ultimate decision will be opened up to MySpace users.

"I only hope people get involve and have a go. There's nothing stopping them," commented distinguished film director and panelist Michael Caton-Jones at the concept's launch party tonight in London.

"Its kind of like the lunatics taking over the asylum," he quipped. "And we will choose stuff which we like, not because it will make money."

Fellow panelist and actor Ashley Walters added, "I don't think there's a chance we can make a movie no one wants to see."

Organizers anticipate the user-generated project will culminate in a full theatrical cinema release in summer 2008. Any profits would be shared among the filmmakers, according to a MySpace representative. "Everyone involved in the film becomes a participant in the success," he said.

Today's development accompanies the creation of MySpace Film in the United Kingdom, a new MySpace channel which offers a creative platform for movie makers.