The involves participants drawing, scratching or scribbling their own front cover on a series of six classic novels, which were chosen by popular bands including Razorlight and Ryan Adams, and published by Penguin with blank covers.
Piczo will provide self-expression tools for teens to submit their own designs for the novels and the band members will choose the winners of the best design.
The classic novels are: 'Dracula', chosen by Ryan Adams; 'Alice in Wonderland', chosen by Dragonette; 'Animal Farm', chosen by Mr Hudson & the Library; 'The Great Gatsby', chosen by Razorlight; 'Steppenwolf', chosen by Goldspot; and 'Le Grand Meaulnes', chosen by Beck.
Competition winners will receive sets of the MyPenguin books as well as copies of the bands' latest albums.
Piczo will also build a Q&A section where users can submit questions to the six bands involved in the promotion.
Anna Rafferty, digital marketing director for Penguin, said: "It's great to be working with Piczo and we're confident that the partnership will mean even more UK teens will get into reading and designing their own covers. We're excited to be also talking to Piczo about a longer term relationship for the two companies."
The competition will run for the next four weeks.