They are painted.
Originally they were painted (wonderfully done such that it looks like 3D when seen from a particular angle). But nowadays they are using computer technology and are morphing the ads.
Using some good technology, these ads are morphed into the video by inserting them separately. And it is done in such a way that it looks like being painted on the ground and the player actually seems to go over them. This is an interesting technology where the image is actually layered between the ground and any player who ambles across.
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It depends on the ad. Static ads are usually just posters pieced togerther and stuck on a board. Moving ads are normallhy constructed of electronic modules - think aling the lines of a larger version of a moving LED sign on a shop.