The current invention is an interactive advertising and marketing system that operates to provide users with an opportunity to identify objects within video media and create virtual hotspots with respect to the objects, which allows viewers the ability to select objects within the video media that are associated with one of the hotspots, and transmits their interest in the selected object to one or more users. Preferably, the system operates such that hotspots can be created for previously created video, newly created video media, as well as live broadcasts.