MySpace, in partnership with Vertigo Films and Film4, is offering its users over £1m to make the world's first user-generated feature film.

The MyMovie Mashup competition unfolds in 10 'acts'. The first part of the competition is the search for a director, and interested parties must submit a short film to MySpace by 27 April. 

The top 12 candidates will pitch their scripts to a panel of experts, which includes actress Sienna Miller and director Kevin Macdonald. MySpace users will then vote for the winner.

Act Two is the title search, and Act Three is the script stage where users can make suggestions for alterations. Act Four is casting and Act Five is the search for a production crew.

Filming begins at Act Six, and Act Seven calls on budding editors to create a trailer. Act Eight taps into the potential of the unsigned bands that roam MySpace to create a soundtrack.

Act Nine brings out all the marketers that socialise in MySpace circles to prepare the film for its debut in Cannes in May 2008.

The project culminates in Act Ten, the distribution phase. If 200 or more MySpace users request for the film to be put on in a certain area it will be screened at that location.