yeah buying ad space is probably isnt a good investment. i promote a lot through tumblr and its pretty effective because you find people who actually care about youtube videos
I think the best ways to promote your channel to get more subscribers is:
- Share/promote your videos/channel on social networks(Facebook/Twitter/Younow) and forums like yttalk.com
- Reply to your comments on your videos and post good and nice comments on other Youtubers videos and make friends and collab with other Youtubers.
- Have a good/eye catching looking banner on your Youtube channel and keep posting good content on your videos.
- And try to be consistent with your videos every week as it is not good uploading videos for a couple weeks and then after no new videos for a couple months because it puts off potential subscribers.
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