I am absorbed by a new electronic form of Japanese art (5)
I believe the answer is:
anime
'form of japanese art' is the definition.
(Japanese animation)
'i am absorbed by a new electronic' is the wordplay.
'i am' becomes 'I'm'.
'absorbed by' means one lot of letters goes inside another.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'electronic' becomes 'e' (as in e-mail or e-books).
'a'+'n'+'e'='ane'
'im' placed within 'ane' is 'ANIME'.
(Other definitions for anime that I've seen before include "Japanese cartoon style" , "Drawing style" , "style of Japanese film" , "Japanese cartoon film genre" .)