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Werbung vs. Werbespot

While both words relate to commercials, Werbung is a broad, general term for advertising or a commercial break, whereas Werbespot refers specifically to a single, individual clip shown on TV or played on the radio.

Werbung

A2
This is the umbrella term for advertising or promotion in general. In the context of TV or radio, Werbung typically refers to the collective commercial break consisting of many ads, or the abstract concept of advertising.
Die Werbung im Fernsehen dauert viel zu lange.
(The commercials on TV last way too long.)
Während der Werbung ging ich schnell in die Küche.
(During the commercial break, I quickly went to the kitchen.)
Gute Werbung muss die Gefühle der Kunden ansprechen.
(Good advertising must appeal to the customers' emotions.)
Die Firma gibt sehr viel Geld für Werbung aus.
(The company spends a lot of money on advertising.)

Werbespot

B1
This word refers to one specific, individual commercial clip. usage is limited to audio or video formats, such as a 30-second video on TV or a short audio clip on the radio.
Der neue Werbespot für das Auto ist sehr lustig.
(The new commercial for the car is very funny.)
Ein Werbespot im Super Bowl kostet Millionen von Dollar.
(A commercial spot during the Super Bowl costs millions of dollars.)
Der Regisseur dreht morgen einen kurzen Werbespot.
(The director is filming a short commercial clip tomorrow.)
Hast du den Werbespot mit dem tanzenden Bären gesehen?
(Did you see the commercial with the dancing bear?)

Summary

Use Werbung when talking about the interruptions between show segments (the commercial break) or advertising as a general concept. Use Werbespot when you want to discuss a specific, individual video or audio clip.