Two days after Apple Inc. announced it was entering the music streaming business with iTunes Radio, beleaguered social network Myspace came out with a streaming music app of its own.

The free app, which went live on Wednesday, gives listeners access to a library of 53 million songs.

Currently available for the iPhone, the Myspace app lets people create “radio stations” programmed with their favorite songs. Or they can listen to pre-programmed stations from Myspace artists, including Pharrell Williams and Lady Antebellum.

The app is part of Myspace’s attempt to redefine itself as a go-to place for people to connect with their favorite music and musicians.

“The magic of Myspace has always been at the intersection of creative expression, community, promotion and discovery,” Myspace Chief Executive Tim Vanderhook said in a statement. “Myspace aims to power a new ecosystem catering directly to the creative community, enabling artists to manage their digital presence, build an audience, upload and distribute their content, and learn from data all on a single platform.”

The Beverly Hills company has a lot of competition in the music streaming space, however. Pandora has long operated a free, ad-supported music player and Spotify brought its music streaming services to the United States in 2011.

Then there’s Apple, which has dominated the music download space through iTunes for a number of years. Apple fan boys have long anticipated iTunes Radio’s release.

The Apple product, which will be available this fall, will give free access to more than 200 streaming stations and will provide personalized song selections based on a person’s iTunes listening and downloading habits.