Myspace today announced receiving more than 1 million new sign-ups in the last month, which it said is as a result of the company’s recently launched Myspace Music Player. That works out to an average of 40,000 registrations a day and brings the service’s monthly users to 25 million.

This is a better strategy for the social network’s comeback than its Myspace TV app announcement, since Myspace has an underappreciated portfolio of music rights that encompasses over 42 million songs – considerably more than competitors like Spotify (15 million tracks globally), Rdio (12 million) and Pandora (nearly 1 million).

Myspace didn’t disclose the churn rate on those registrations, but comScore backs up the positive implications with a report that Myspace traffic rose in January.

The revamped Myspace player has free unlimited on-demand listening, personalized radio modes, a recommendation engine and integration with Facebook.

“The numbers tell an amazing story of strong momentum and dramatic change for Myspace, and the one million-plus new user accounts we’ve seen in the last 30 days validates our approach,” said Tim Vanderhook, CEO, Myspace. “Myspace is building meaningful social entertainment experience around content, where consumers can share and discover the music they love. Consumers are getting excited about Myspace again – a testament to a great music product.”

Myspace is headquartered in Beverly Hills, Calif. and is an affiliate of Specific Media.

Related links:

New York Times’ Media Decoder – MySpace to Announce One Million New Users

CNN – Myspace gains 1 million users, touts more music than Spotify

Business Insider – MySpace Has Gained A Million Users By Copying Spotify And Pandora

PCWorld – MySpace: The Next Hot Social Network?

The Verge – MySpace traffic and signups up since December, say new owners