Pepsico Inc. said yesterday that it will pass on advertising its flagship soft drink in the 2010 Super Bowl for the first time in 23 years, CNNMoney.com reported.

“The Super Bowl broadcast can be an amazing stage for advertisers if it aligns with their brand strategy,” said Frank Cooper, a senior vice president at Pepsico Americas Beverages. “However, brands should not blindly anchor themselves to history.”

According to TNS Media Intelligence, Pepsico was one of the top four advertisers during last year’s game, for which the cost of 30-second advertising spots averaged about $3 million.

However, a decline in advertising budget shortfalls stemming from the weak economy has driven sales for the Feb. 7, 2010, game, which will air on CBS, to about $2.5 million and $3 million per spot.

That network said last month that it had sold about 90 percent of its advertising spots for the game. Last year, NBC didn’t reach the 90 percent benchmark for sales until January, about a month ahead of the broadcast.

Pepsi, which is preparing to launch a new marketing campaign, the “Pepsi Refresh Project,” in which it will grant money to charitable causes proposed and selected by consumers, contends the decision to forgo advertising during the upcoming Super Bowl is part of its long-term strategic plan.

“In 2010, each of our beverage brands has a strategy and marketing platform that will be less about a singular event, less about a moment, more about a movement,” Cooper said.

The beverage giant has run ads in the big game each year since 1987. Frito-Lay, Pepsi’s snack food division, will still advertise during Super Bowl XLIV.