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Light pollution and advertisements are two of my least-favorite things, and to combine them is just too much for me to tolerate.

I will be boycotting any company that advertises in this manner.

Indeed - I consider most advertisement to be visual and mental pollution. It's a shame how our living environment has been allowed to be colonized by ads.
How’s that even supposed to work?

I call bullshit.

I call it a nice way to make a lot of money disappear without actually delivering a useful thing.

You'd need to fly a huge fleet of precisely controlled cubesats in tight formation without the control jets of one interfering with the others while they are close enough to provide adequate pixel density from the surface. Their orbit should be high enough that they cross the sky in a pace slow enough to be seen. At 400 Km it's already quick.

I once did the math that a Mylar balloon with 1 degree (the same apparent size of the moon) would need to be about one kilometer wide at a 110 km orbit. It'd weight ~30 tons at launch, without any added vehicle (an ion drive could keep it up for a longer time, until it gets punctured enough to deflate). That was about the maximum payload to LEO that the largest launcher of the time could handle.

If they do, every major shareholder and member of the board of directors of Pepsi should have a permanent array of drones following them, with projectors beaming ads wherever they look. At minimum.
They probably already use smart phones. ba dum tiss
The corporation that will do this, will become the most hated brand in the universe.

If pepsi had the idea to push sales and just grow, then this action is the last idea, that should be spent a second on.

In the past week i read about a russian corp. that tries the same.

It's strange to even comment on this. Is this really real reality? Some time ago, these ideas would have been pipe dreams, but in our times everything seems possible to be executed. Why? Because we can. So why not?

Living in one of those hyper virtual/augmented reality distopian societies you see in TV shows and movies where everything around you is an ad becomes much more real if they start using the sky to project ads....