Pepsi has featured a number of iconic musicians in its advertising over the years. Songsters such as Michael Jackson, Beyonce and Britney Spears have all lent their faces to Pepsi products. Now, Pepsi is partnering with Twitter (News - Alert) to provide streaming concert videos to people who follow Pepsi on the social networking site. Pepsi will also run an ad with singer Nicki Minaj.

The concert series is part of a Pepsi ad push called “Live for Now.” The campaign is set to highlight Pepsi’s recent expansion into new markets. In addition to the Twitter concert series, Pepsi will create a digital platform set to deliver pop-culture content as well as entertainment news in real time.

“It will enable the brand to deepen its global equity in a relevant and authentic way, and has already inspired a differentiated way of thinking about brand behavior across the entire Pepsi global marketing system,” said PepsiCo global enjoyment brands president, Brad Jakeman.

PepsiCo’s revenue grew four percent in the first quarter of 2012. “Our first quarter results reflect the strength of our brands which allowed us to implement significant pricing actions,” said PepsiCo Chairman and CEO, Indra Nooyi, in a press release.  “Effective pricing and packaging initiatives drove five percent constant currency net revenue growth, allowing us to substantially offset approximately $300 million in commodity cost inflation.”

Unfortunately, the growth in revenue wasn’t enough to make PepsiCo competitive.  Nooyi is slashing 8,700 jobs in an effort to please investors. PepsiCo shares have remained stagnant, while Coca-Cola shares have grown nine percent this year.

The lack of growth hasn’t stopped PepsiCo from trying to dethrone its nemesis. The company has slated $600 million in advertising for this year in an effort to end Coke’s dominance. Coke, according to The Wall Street Journal, just announced its plans to acquire Monster Beverage, a producer of non-carbonated energy drinks.

Coca-Cola also has plans to join PepsiCo in the music-sphere. Coke recently announced a partnership with Spotify (News - Alert), but the leading soft drink producer has been coy about its plans.

Pepsi also isn’t saying which artists will appear in its series of Twitter concerts. However, Pepsi is hoping to at least come back to at least number two status in the world’s soft drink wars. Coke and Diet Coke both outperform Pepsi domestically and internationally.