Lowe has produced the fourth TV spot to feature the character under the theme: "Get the right Sprite."
Breaking nationally on Monday, the 30-second ad continues the tactic, which began two years ago, of showing thirsty people failing to quench their thirst because they find themselves with
the goblin-like sprite rather than the soft-drink variety.
Vizeum is handling media planning and Universal McCann the buying for the new work, which extends Coca- Cola's efforts to build a distinct personality and positioning for the brand.
With a voiceover by the actress Kathy Burke, the latest TV spot shows a couple waking up in their overheated tent on a sunny morning at a pop festival.
The girl asks for a Sprite but, on reaching into his bag to get one, her boyfriend is surprised to find a goblin clinging to his arm.
Instead of slaking their thirsts, the goblin is intrigued by the boy's Y-fronts which he finds lying around the tent, before he turns his attention to a nearby guitar.
The commercial was written by Sam Heath, art directed by Frank Ginger and directed by Acne through Outsider.
Damon Collins, the Lowe creative director, said the goblin had proved to be "a really engaging anti-establishment spokescreature for Sprite".
He added: "The trick has been ensuring that, while loveable, he's still not as desirable as Sprite the drink."