"In a move that could help redefine broadcast-TV advertising, News Corp.'s Fox teams up with Fox is teaming up with Visible World to offer marketers tweakable ads -- spots that can be digitally altered to contain elements relevant to particular viewers at the time they are seen. By changing voice-overs, scripts, graphic elements or other images, for instance, advertisers could make an ad appeal to teens in one instance and seniors in another.
Tailoring commercials has emerged as a new goal in the ad industry, thanks to a plethora of media outlets and the increasing fragmentation of audiences."
-- Wall Street Journal, reprinted in Lexington Herald-Leader
Also check out Invidi. They equip cable opperators with Advatar technology to serve commercials targeted at household level. The company has recently raised $16M in the second round of VC financing.
Cable Ad Narrowcasting Techs
Comcast Expands Ads-on-Demand Service
Product Displacement: Don't Pay - Don't Play