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NEW YORK (TheStreet) -- PepsiCo (PEP) - Get PepsiCo, Inc. Report is sponsoring the Super Bowl Halftime Show for the third straight year. NBC has already announced that it has sold out of its commercial spots, which ran for $4.5 million per 30-second segment. 

Simon Lowden, chief marketing officer for Pepsi Beverages North America, says sponsoring the 12-minute halftime show -- this year featuring pop star Katy Perry -- is the best way for the brand to gain exposure. 

"It's huge for us," he said, adding that more people seem to watch the halftime show rather than the game itself; 184 million people are expected to watch the Super Bowl this year, up from 181 million last year, according to the National Retail Federation. 

PepsiCo PEP data by YCharts

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PepsiCo's brand goes deeper than just Pepsi, with a portfolio that includes such familiar products as Doritos, Gatorade, Tostitos and Mountain Dew. The company plans to use all of these brands in advertising for the Super Bowl, Lowden said. 

This approach generates "much more bang for our buck," he explained. 

PepsiCo also plans to use social media platforms including Twitter, Facebook and Instagram to boost engagement with its fans and customers. These are "world-class partnerships," he added. 

Anheuser Busch's (BUD) - Get Anheuser-Busch InBev SA/NV Report Budweiser and PepsiCo's Doritos have been fan favorites for years, thanks to their hit commercials. 

Taking that experience beyond the Super Bowl by extending the digital presence online and continuing ad campaigns is important because it allows excitement to build and last for more than just one day, he concluded.

 -- Written by Bret Kenwell

Follow @BretKenwell