For the first time in history, the cost of making and marketing a feature film has risen to over $100 million.

That's according to Motion Picture Association of America President Jack Valenti, who told theater owners at the annual ShoWest convention in Las Vegas Tuesday that the MPAA's seven member studios spent an average of nearly $103 million per film in 2003.

According to the Hollywood Reporter online, Valenti said production costs averaged $63.8 million per film, up 6.8 percent from 2002; while marketing costs averaged $39.05 million, a 27.5 percent leap fro m 2002.

Valenti attributed the major marketing jump to significant increases in television advertising, according to the Reporter.

The MPAA head also reported that admissions in 2003 were $1.57 billion, down four percent from a record $1.64 billion in 2002. Still 2003's total is the second highest in history.

Valenti's appearance at ShoWest Tuesday was his last. The 82-year-old executive will retire this spring after a replacement is found.