on July 1, Bulova aired what's considered the first TV commercial. The grainy, shaky, 10-second spot ran during an afternoon Dodgers-Phillies game on NBC-owned WNBT. There's a simple outline of the then-48 states splashed with the face of a Bulova watch. A voiceover from pioneering announcer Ray Forrest (re-enacted in the version above) says: "America runs on Bulova."

The commercial cost Bulova about $4 and at best was seen by just a few thousand people who owned a TV set in the New York market where it aired.

Three days later Adams Hats aired the first live commercial. Procter & Gamble, British manufacturing company Lever Bros. and Sun Oil Company (now Sunoco) also ran early commercials.

There had been previous commercial experiments. NBC ran a test commercial for Procter & Gamble, Socony Oil (now Mobil) and General Mills during a Dodgers game two years earlier. In it, announcer Red Barber highlighted the companies by wearing a gas station attendant's cap, holding a bar of soap and slicing a banana into a bowl of Wheaties. Since the three companies were radio sponsors of the Dodgers, the commercial was seen as a bonus to their radio buys, so NBC was able to evade FCC fines.

But today marks the 75th anniversary of that first commercial from Bulova, the dawn of what would become a $70 billion marketplace. As we debate the future of the 30-second spot and lament on its declining relevance, the anniversary is not only a reminder of just how much has changed but also how familiar the current cycle of innovation actually is.

TV went through many of the same growing pains we are currently witnessing with social media, digital video and over-the-top services.

According the very first rate card issued by NBC for WNBT, a commercial cost $4 in the afternoon and $8 in the evening. Sponsors of quarter-hour periods paid about $100 for time and studio costs.

In the decade following the Federal Communications Commissions ruling, which allowed networks to charge marketers for commercial time, radio still remained the dominant advertising vehicle. TV represented just $12.3 million in ad spend in 1951 compared to radio's $210 million.

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