The new service will feature video profiles of the stars involved, a music player and a "this week" section, with gossip and news aimed at 20 to 30-year-olds.
Users will be able to post their own gig flyers, recommend new music and vote for artistes they want to be included on the Maxcast radar.
Along with Barat and Sparro the site, at www.myspace.com/pepsimaxcast, will also feature DJ Jodie Harsh, dance band The Loose Cannons, grime star Tinchy Stryder, Peyton and Becky Burrows.
The tie-up follows a similar initiative sealed by MySpace in May with confectionery giant Mars, when they teamed up to launch Mars Planets Radio, an hour-long radio show fronted by Alex Zane.
Last month, MySpace launched an ad-funded music service that allows users to stream as many audio tracks as they want.
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