MySpace has tapped the team behind KateModern to create I Love Chieftown, a new original web series for the social network. Chieftown will be a drama set in east London that follows an aspiring filmmaker as she follows a band trying to break big (sounds kinda like The All-for-Nots).

Chieftown will debut in September and will have sixty 4- to 5-minute episodes. The KateModern team was originally hired and trained by the Lonelygirl15 team to make a UK version of their interactive drama. KateModern now sees 300,000 views per episode.

While financials for I Love Chieftown weren’t available, if you assume each episode is five minutes, and webisodes cost at least $1,000 a minute, that’s $300,000 for the whole shebang. Though that’s probably a low estimate, and since KateModern was a hit, the creators could probably finagle a bigger budget.

Presumably Chieftown will be one of the originals newly signed MySpace partner ShineReveille will work to get international TV distribution deals for.

Lonelygirl15 and KateModern creator Greg Goodfried writes in to clarify: “I Love Chieftown is made by two former employees of ours, Pete Gibbons and Gavin Rowe. We love Pete and Gavin and wish them the best of luck, but Chieftown is not being made by ‘the creators of KateModern.’”