It's now coming to Europe - here is the announcement:
But how does it work? Here's a case study.
BreakoutBand is a social media music game. Create a track using the tools on the site, then release it, and watch it climb in the charts.
Splash Video from BreakoutBand on Vimeo.
Pepsi Max used BreakoutBand to create a contest at SXSW 2011, as both an online and live experience.
As it says in the case study "BreakoutBand participants engaged with the branded music experience for
an average of 29 minutes and 60 percent shared their beats on Facebook"
(Here's another competition that BreakoutBand have run with Old Navy)
Good luck to any companies from Europe. I think it's great that PepsiCo are doing this, and I look forward to more innovative uses.