Internationally acclaimed Indian filmmaker Shekhar Kapur feels that Asian cultural domination in the years to come may well mark the end of Hollywood.

"In times to come we will still have Spiderman, but when Spiderman takes off his mask, he will probably be Chinese or Indian," he often says.

Watching "Krrish", the much-hyped latest offering from Rakesh Roshan who is one of the most prolific Mumbai-based churners of escapist Hindi films, Kapur's prediction may come sooner than expected.

On paper, the film is an Indianised version of Hollywood's "Superman" and should not have attracted much attention.

After all, the only difference between "Krrish" and a hand-full of Hollywood superheroes is that he can sing and dance. In fact, the special effects and action stunts are carbon copy of Hollywood flicks.

But beyond the mask and leather suit, "Krrish" is much like the Indian mythological god Krishna and replete with over-the-board emotions. "Krrish" is no superman. His USP is that he is Krishna, an essentially Indian singing and dancing superhero.

The presence of the dandy-looking, well-sculpted actor Hrithik Roshan, the film is set to become a rage for Indians and even non-Indians across the globe.

Acceptance of the film by audiences, who have grown-up on a staple diet of Hollywood superheroes complete with tout script and special effects, would mean a thumps up for Indian cinema. Already, reports of people cheering on the film are pouring in from Singapore.

Industry old-timers are of the view that Hollywood is on the decline and Asian entertainment industry is well poised to fill in the vacuum.

Mira Nair, an Indian filmmaker who has excelled in global cinema circuit, says: "Today Bollywood is on as many screens in Times Square as in Jackson Heights (an Indian dominated neighbourhood in US). The literary world has learned to pronounce Vikram and Amitav and Jhumpa, and an Amrita Shergil can fetch as much as a Warhol at auction."

"But India need not hear from West that it has arrived. The reality is our movies have nourished half the world for a century, as every Russian cabdriver in Manhattan will tell you," she adds.

International success of "Krrish" will show that the go-global fever need not make Indian filmmakers temper the spice to suit Western palates. Now that the West is waking up to our energy and confidence, we need not be tempted to change.

The future clearly belongs to Asian entertainment and the largely Singapore-based "Krrish" seems set to make the best out of it.

Says Kapur: "The prime culture of the world since the World War II has been the American pop culture. It was cutting edge and encouraged individuality. It does not do that any longer. This is not about 'us and them'. It is pure economics and consumerism."

The American pop culture sprung its worldwide appeal on the financial strength of its home market. A few years ago North America accounted for 80 percent of the revenues for Hollywood product. Now for films like "Harry Potter", it accounts for a third or less.

Studies show the Indian film industry is heading to a revenue model where 75 percent of the revenues for entertainment will come from Asia.

When that happens, the Asian consumer will want home grown product that is much closer to its own cultural preferences. So, if you want to make an international 'hit', then you will only be able to do so if the film appeals inherently to Asian consumers.

A time will come when films will neither be written in Hollywood, nor will they be produced in Hollywood, nor will North America be the significant market.

Kapur believes that internal factors like the growing gap between film financer and the filmmakers are to be blamed as well.

"Hollywood films are called products. The essentials of the entertainment business is individuality, which Hollywood is loosing," he says.

"I see the new wave of filmmaking coming from the East. The new megastars will not be 'western' but probably Chinese or Indian. There will be reverse cultural colonisation," he adds.

And with the right marketing approach, Hrithik could become as popular as Tom Cruise is in Shanghai.

The Asian entertainment market is booming. Revenues from the entertainment business are expected to touch around $1 trillion in 10 years. A full 70 percent of these revenues or almost $700 billion will come from Asia, reports say.

Entertainment demographics (population in age groups that are the highest consumers of entertainment) are more acute indicators of the future of the entertainment business: currently North America has 65 million in that demographic, while just China and India alone have almost 700 million.

Just in India alone, over the next 10 years, another 40 percent of our existing population will join this demographic. The corresponding figure for the US is just 15 percent.

As Asian economies grow, the percentage growth in disposable income levels of the entertainment demographic will be far higher than in the West. This will lead to a far greater growth in demand for entertainment than in the West. Here lies the biggest business opportunity of the next 10 years. In Asia. In India.

Bollywood look East, is the newest battle cry. The Chinese make elegant movies, but many of them feel their recent films lack the energy of good Bollywood movies.

This is seen very easily in the similarities in themes that traditional Chinese, Indian and Japanese films exploit - from the use of melodrama in story telling to the use of faith, superstition and myth.

The world movie-making business is huge, estimated at around $25 billion, and mostly driven by Hollywood. China, with over 5,000 movie halls, is now considered a big market.

How much of the billions of dollars will accrue to corporations in India? We should be able to have at least a third of that pie.