Earlier this month, LP33.tv (formally MYAOWL) launched a unique music and video website revolving around unsigned and indie label artists.

The site, which resembles a Web version of MTV, was created to provide new and unsigned artists with a place to promote their careers, sell their music and connect with new fans through the site’s artist-created video content, ivideo promos, tour diaries, video blogs and video logs.

“Music fans aren’t satisfied waiting until major labels release new talent — they want to find the best new music emerging on the scene right this very moment,” said Content Director/SVP, Vlad Lodzinski in a recent press release. “LP33.tv quenches consumers’ thirst for the best new music while giving artists a wide range of rich channels where they can promote their music to hungry new audiences.”

Fans can use the site’s social networking capabilities to further promote their favorite artists, find new artists, or communicate with other users through videos, shared music and purchases.

The social networking component is also available on the artists’ side with LP33.tv’s complementary trade site, TheMIDB.com, an online directory of music professionals, which connects musicians with industry professionals around the globe.

“We’re just trying to be incredibly artist-friendly,” said Andrew Bentley, the co-founder of LP33.tv in a Globe and Mail column. “I don’t think we should try to screw the artists any more - I think they’ve had enough of that already, quite frankly.”

The site has received support from various music industry insiders, including the influential rock group, Genesis, some of whose members were among the first to invest in the website.

According to an article on TechCrunch.com, LP33.tv is planning offer its most popular artists a chance to sign with a yet to be announced LP33 record label in the near future.