Created by WCRS & Co, the ad features an Emperor parading naked on his balcony and around his garden among embarrassed staff, who avert their gaze.
When he asks his subjects why he is being ignored one of them tells him it is because he doesn't have a decent TV and broadband. She adds, much to the Emperor's amazement, that he can get Sky TV, Sky +, fast broadband and calls for under £20 a month.
The campaign will run across TV, outdoor, press and online with media planning and buying handled by MediaCom. The creative director was Leon Jaume and the ad was directed by Peter Lydon for 76ltd.
Lucian Smithers, director, brand strategy and communications, BSkyB, said: "This new advert takes our successful fairytale campaign, and uses it to highlight the great value offered by Sky's TV, broadband and calls bundle.
"With humour and simplicity, it drives home the message that all three are available for less than £20 a month in a way which we're confident will stand out."