An interactive voice advertisement exchange presents an interactive voice advertisement to a user of a voice network who is placed on hold. After the user sends a signal response from a user device to a receiving system and is placed on hold, the hold time and a parameter associated with the signal response are received from the receiving system. Using the hold time and the parameter, an interactive voice advertisement is selected from one or more interactive voice advertisements sent by advertisers. The selected interactive voice advertisement includes a voice message and an application that dictates how the user can interact with the voice message. The voice message and the application of the selected voice interactive voice advertisement are sent to the receiving system. The receiving system sends the voice message to the user device and executes the application during a portion of the hold time.