A system and method for tracking and managing playback of advertisements is disclosed. The system includes a processor configured to process the multimedia content, including advertisements, and generate a video signature/audio signature corresponding to the multimedia content. The video/audio signature is subsequently embedded/superimposed on at least one of the frames of the multimedia advertisement. The system further includes a plurality of trackers placed at predetermined geographic locations and configured to detect the broadcast television signal, and determine whether the video signature/audio signature is present in the broadcast signal. Subsequently, the tracker generates a report comprising at least a time stamp indicating the time of broadcast of the advertisement having the audio/video signature.