Bebo Bands claims that more than 25,000 musicians and groups have already uploaded their music to the site, through which other members can stream or download tracks legally for free.
Users of Bebo Bands can upload unlimited music and content including albums and video, while MySpace allows users to upload a maximum of four tracks.
Writing on the Bebo blog, founder and chief executive Michael Birch said: "It may not be 100 per cent ready but we thought we would throw it out there, get some feedback and evolve it. Expect to see many enhancements over the next few weeks."
Bebo has inked deals with record labels and independent artists to provide users with music and tools such as a playlist chart.
"We took our time to launch Bebo Bands to enable us to develop the best available product on the market," said Birch in a statement.
"We have designed it so that users can share music and help spread the word about the bands they like. We intend to evolve Bebo Bands to ensure that genuine talent will always rise to the top."
Recent figures from Nielsen Netratings show that Bebo is the UK's largest social networking site, boasting more than 25 million registered members worldwide.
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