I’m not sure about the hologram part per se, but it was definitely a large production:
It looks like they sprayed water in a fan-like way to use as a backdrop for the projection. The buildings in the back – quite a few, it seems – plus the heli-drop made this a pretty large production. I particularly liked the instances of Carmelo leaping from under the water (if just an illusion) up into the air.
Looking further into this, I found what I think was probably the original video feed to the projector, and it looks like it could’ve been a commercial by itself as well: