The TV TOKYO Group is committed to delivering pleasant moments to our viewers and shareholders.
My name is Ichiro Ishikawa, and I assumed the position of CEO & President in June. I want to take this opportunity to express my sincere gratitude for your continued understanding and support for the TV TOKYO Group.
During FY2020, the TV TOKYO Group expanded our broadcast business, including enhancing the anime & content and the events business. We also proactively engaged in business expansion for the entire Group. However, the shift towards internet advertising and the economic downturn caused by the consumption tax rate hike resulted in decreased broadcast revenues. Additionally, business towards the end of the fiscal year was impacted by the novel coronavirus pandemic. Overall, these conditions resulted in decreased revenues and profit.
We forecast that the novel coronavirus will have a significant impact on revenues in FY2021. We will further reinforce cost controls while advancing revenue structure reforms. In addition to continuing to product unique programming, the core of our business, in April of this year we adopted a structure to transform sales by strengthening our ties with streaming in response to the changing needs of viewers and advertisers. In FY2021, we also will set the broadcast-related businesses, in which we have made investments thus far, on a growth trajectory to expand revenues. In particular, the anime business contributed significantly to income in FY2020 by achieving record net sales and from FY2021 onward we forecast an even greater leap in sales driven by the start of production by our affiliate in China. We also will advance the development of a business that combines live performances with net streaming through Mixalive TOKYO, the Ikebukuro live entertainment project in which we are a participating company.
We view our response to the novel coronavirus as a challenge we must overcome in order to lead the broadcast business towards a new stage amid the rapidly advancing digital age. We will reevaluate how we engage in program creation and conduct sales, and using telecommuting to implement workstyle reforms as we adopt new norms required as part of life with the coronavirus.
The TV TOKYO Group will continue to embrace the ideals and concepts unique to the TV TOKYO brand while adapting to the changing times. We remain committed to creating the content and entertainment that enriches the lives of our viewers. I ask for your continued understanding and support.