The 'Five Friends, One Mountain and a Very Big Inflatable’ campaign by Fallon features a group of friends working together on the pointless task of carrying an inflatable character up a steep rocky mountain.
The strapline reads, "Wispa, time well mis-spent".
The campaign is running across social media, outdoor and will launch in cinemas from Friday.
The ad will promote Wispa's bitesize addition, Cadbury Bitsa Wispa, to teenagers who may never have heard of the brand until it relaunched in 2008 after a five-year hiatus.
Cadbury's Wispa Facebook page will feature "behind the scenes" shots of the ad and extra content.
Fallon has also recruited YouTube Super Users to contribute their own unique content around the "time well mis-spent" theme.
The ad's executive creative director was Santiago Lucero, working with creative directors Sam Oliver and Shishir Patel.
The art director was Avril Furness and copywriter, Miles Carter. The production company was 2AM Films. PHD handled the media planning and buying.
Toby Smart, brand manager for Wispa at Kraft Foods, said: "Wispa has continued to be a popular choice with consumers since it made its permanent comeback.
"With the continued rise of the big night in occasion, we are also confident that Bitsa Wispa is also going to become firm favourite. With the cheeky strapline, 'time well mis-spent' we are encouraging consumers to take time out of their daily pressures and have a little fun."