I would like to express my sincere gratitude to all of our shareholders and investors for your continued support.
We are aggressively investing in our three business pillars, namely the game business, the live entertainment business, and the advertising and media business. In the game business, we have improved the profitability of each title by strengthening the operation system and expanding overseas development, and in the live entertainment business, we have made progress in strengthening platform functions and expanding content. In addition, in the advertising and media business, we were able to increase the number of monthly service users by strengthening our media capabilities through content expansion and by responding to changes in user needs due to the spread of the new coronavirus infection. As a result, consolidated results for the 16th fiscal year (July 1, 2019 to June 30, 2020) maintained a solid profit base, despite a decrease in both sales and profits compared to the 15th fiscal year.
In the 16th fiscal year, in the mainstay game business, we worked to stabilize earnings by long-term operation of existing application games, and by improving profitability through overseas development, while promoting the development of new application games. As a result, we achieved the global release of new application games and were able to expand areas of existing application games, which contributed to earnings. In the live entertainment business, we enhanced the functions and expanded the contents of the virtual live distribution app "REALITY", and in the advertising and media business, we strengthened our media capabilities and expanded our user base.
Furthermore, as part of our efforts to strengthen our game business, we have announced the establishment of GREE Entertainment, Inc. in addition to WFS Inc. and Pokelabo Inc. GREE Entertainment, Inc. will create unique and new game experiences by combining GREE's know-how in game development and license business with Funplex's operational knowledge and experience.
We would like to ask for your continued support and encouragement in the future.
Founder, Chairman and CEO