MySpace (NYSE: NWS) is hoping to achieve new heights for a web-based program series with the debut of Afterworld, a photo-real animated show about a man who wakes up in the future to find that most of the human race is gone. The 130-episode series was created by Santa Monica-based digital studio Electric Farm Entertainment and has a $3-million budget, making it the most expensive online entertainment to run on the News Corp social net, an LA Times piece notes. MySpace TV will release the first 10 episodes today, though the global rollout began this month when the Sci-Fi Channel in Australia began airing the show in 13 half-hour episodes.

Instead of a traditional licensing fee, Electric Farm gets a cut of the ad revenue MySpace generates from the show. Financial terms weren’t disclosed. And the expectations are so high for Afterworld, Electric Farm can already call it a success:the company has sold international TV, internet, mobile and gaming rights to Sony Pictures International, which also provided initial financing for Afterworld. Sony also is developing a mobile game to be released early next year based on the series.

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