This week, Facebook began allowing advertisers to pay for more exposure of specific Open Graph Actions by turning the stories into a new form of advertising.

The social network is testing a small pilot program that will allow advertisers to pay to turn listen, read, or watch stories into Sponsored Stories.

Previously, you could only turn actions taken by individuals on your own Facebook Pages, Apps, and local business Places into Sponsored Stories. If the pilot goes well, it could mean that advertisers will soon be able to sponsor any Open Graph Action.

For example, a musician could sponsor listens of their songs and TV studios could sponsor watches of their episodes on Hulu or Netflix.

Currently Facebook ads are hit or miss. Instead of cluttering feeds with irrelevant ads based on demographics, Open Graph ads can provide your target audience with more relevant ads based on friends’ actions and users’ own behavior.

Although it’s currently being tested among a small group of advertisers, based on past performance – including the addition of Sponsored Stories into News Feeds – we wouldn’t be surprised if this became more widespread across the social network.

[Via: TechCrunch, Image credit: Wonderlane]