There is disclosed an addressable advertising system comprising: 1) receiver circuitry for receiving an incoming television signal from an external source, generating a original baseband video signal, and transmitting the original baseband video signal to a display associated with the addressable advertising system; 2) a local storage device coupled to the receiver circuitry for storing a plurality of replacement video advertisements; and 3) an advertisement controller coupled to the receiver circuitry and the local storage device for detecting a first swap control signal transmitted in the incoming television signal. In response to the detection of the first swap control signal, the advertisement controller causes the receiver circuitry to receive from the local storage device a first selected replacement video advertisement from which the receiver circuitry generates a replacement baseband video signal and transmits the replacement baseband video signal to the display.