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If one of the jobs of PR agency executives is to get brand marketers to spend less on advertising and more on PR, it seems they’re doing a good job.

The latest example: PepsiCo will not buy advertisements in this year’s Super Bowl, marking the first time the brand will not participate in 23 years.

“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,” said Frank Cooper, a senior vice president at Pepsico Americas Beverages. That sounds a lot like the company is moving budget into more “PR like” grassroots communications, as opposed to big advertising buys.

As AgencySpy reports, “Starting next month, the brand will unveil the ‘Pepsi Refresh Project,’ which will pay out at least $20 million for projects people create to ‘refresh’ communities.”

Pepsi works with a number of agencies, including Edelman.