This is a 22 per cent increase from the figure of $47 million last year and almost 10 times the modest $6.3 million that was recorded in 2002.

The ATF, Asia's leading programming market held at the Shangri-La Hotel, brings together more than 4,700 participants from some 50 countries, with 140 companies participating for the first time.

In his opening speech, Dr Lee Boon Yang, Singapore's Minister for Information, Communications and the Arts, gave an overview of Singapore's media industry, placing emphasis on the importance of international co-production deals. Citing figures, he noted that the global entertainment and media market was growing rapidly and that Asia Pacific would lead the way.

"This is not surprising since Asia, with its cultural diversity and growing affluence, is both a rich source of media content as well as a major consumer of such content. There is tremendous potential to create content which appeals to global audiences while encapsulating the new spirit, dynamism and confidence of Asia. We are indeed seeing the emergence of what may be called New Asia Media," said Dr Lee.