First movie with product placement?

We were
watching The
Goonies (1985) tonight and I noticed that in the initial scenes one of the
characters is rather prominently holding a Pepsi in his
hand.

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I know product
placement has been a marketing technique used in movies for a long time now, and I doubt
Goonies was the first movie to do this -- but what
was the first movie to truly popularize or highlight getting paid
for placing a product in a movie?

Also, any
historical background / context on product placement in movies, or movies that made
notable early marketing deals which resembled product placement, is
welcome.

I'm trying to understand how this started, since
the future of advertising seems to be this seamless paid integration of products into
plots, rather than separate ads.