Faintheart , a feature film made by MySpace users, is to be released simultaneously and free of charge for one day only, in 150 cinemas and on MySpace on January 27 2009.
The film, which was the closing gala screening at this year's Edinburgh International Film Festival, will then be available to buy on DVD from February 2.
The film is the result of MyMovieMashUp, an initiative by MySpace, Vertigo Films and Film4.
The initiative gave UK MySpace users the opportunity to play a part in every stage of the filmmaking process: directing the film; joining the cast; submitting music for the soundtrack; and being part of the production crew.
MySpace, together with developer Three Eyed Labs, has created a theatrical screening web application that will allow the MySpace community to decide in which towns the film is shown.
The most popular 150 places will be selected for the free screening on January 27 2009.
On the same day, Faintheart will also be streamed free of charge on its MySpace profile, before being released on DVD on February 2.
James Fabricant, Director of Business Development and Media, Europe for MySpace and one of the film's producers, said: 'In Faintheart we have created an entirely new model of film creation. The MySpace community has been involved with every step of the production and we felt this innovative project wouldn't be complete without their involvement at the final stage.'