Although Blockbuster was called for a bankruptcy case in September, the company is back on track with a $20 million advertising campaign, intended to remind competitor NetFlix, and the public, that the company is still alive and voracious (I use that term loosely).

The move was considered to be forced by Netflix’s viral presence on the industry stage. Netflix is maturing its video streaming service, which is said to be worth $2.2 billion. Netflix is currently offering on-demand video service and it does so quite well, but now it is also focusing on streaming only DVD rental plans to expand its on-demand offerings and pricing structures.

The ads, which will run at national level, promote the company’s availability of renting movies from important studios, such as Warner Bros, Twentieth Century Fox or Universal Studios to be borrowed 28 days earlier than from Blockbuster’s competitors. The TV campaign is following the previous 2007 commercial campaign, which had similar proportions.

In their hunt for improving the management of the company and getting it back in the spotlights, Blockbuster is also looking for a new CEO, who will be rewarded handsomly for taking on such a massive brand burden. The measures where approved by a bankruptcy judge which considered them to have a potential at rescuing Blockbuster.