The broadcaster is running the initiative to celebrate the fact that 5 million people have now registered with the viewer engagement strategy launched by chief executive David Abraham last year.
Marking the goal, Channel 4 intends to offer registered users the "unique opportunity" to take over 4seven, which launched on July 4 as Channel 4's first new network since More4 in 2005.
4seven offers viewers another chance to catch up on the Channel 4 programmes that have attracted the most online and social buzz over the past seven days.
People who registered with the broadcaster will be allocated a dedicated night on 4seven, in which they can pick their favourite Channel 4 programmes to be aired.
The idea behind Channel 4's viewer engagement strategy is that the more the broadcaster knows about its audience, the better placed it is to offer them what they want to watch.
The initiative also brings Channel 4 a wealth of valuable data on its viewers, which Abraham has previously described as the "new oil" of broadcasting.
Around 2m people registered for the engagement programme by the end of 2011, but that has climbed to 5m by August 2012.
Registered viewers are offered exclusive content and online premieres of new episodes before they are broadcast.
In August, they will be able to watch live streams from this year's V Festival and a premiere of Lee Kern's Celebrity Bedlam.
Today (August 2), Channel 4 has launched a competition for both new and existing registered viewers to come to Channel 4's London headquarters for the day and become temporary channel controller for 4seven.
The winning viewers will be able to select 4seven's schedule in peak time and also record a continuity link. Prize winners will be announced in September and the five runners-up will get a recently launched YouView set top box.
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Gill Whitehead, Channel 4's director of audience technologies and insight, said: "Hitting 5m registered viewers in such a short space of time highlights how engaged Channel 4 viewers are with our content.
"4seven brings viewers the most watched and talked-about TV from Channel 4, using on-screen 'tweezers' from our viewers to help others decide what to watch.
"Giving one of our 5m registered viewers the unique experience of running 4seven for a night is a fitting reward to mark our milestone registration achievement."
Whitehead confirmed that Channel 4 has already used its insight data to deliver more relevant communications to viewers.
The broadcaster has also run a series of trials with UK media agencies and clients to test new advertising innovations and solutions using the viewer data Channel 4 has harvested in a live environment.
But wary of criticism over privacy issues, Channel 4 launched the Viewer Promise in April this year with Alan Carr, offering assurances to viewers about "complete transparency" over how their data is used and shared.