MySpace is planning to offer free parental notification software, The Wall Street Journal is reporting so parents can tracks their kids on the the social networking website.

According to the article, parents will be able to use the software, named "Zephyr", to find out what name, age and location their children use to represent themselves on MySpace.

It would not however allow parents to read their child's email or see their profile pages, and it would alert children that their information was being shared, the paper reported.

MySpace was bought by Rupert Murdoch's News Corporation for $580 million in 2005. Some expect that the site could be worth billions of dollars in the next several years, however recent reports suggest that while user generated content sites had a massive boom in 2006, money men are finding it hard to generate any real income from them.