I want to take this opportunity to thank you for your continued support of the ABC Group.
Since last year, the spread of COVID-19 and variant strains has continued to be a severe challenge. As a result, the Japanese advertising market experienced negative growth for the first time since the 2011 Great East Japan Earthquake, contracting to 88.8% of the prior year and marking the second-largest drop next to the 2009 Lehman Shock. Our group was affected deeply by this situation, and our financial performance showed an unfortunate decrease in revenue and profit compared to the prior fiscal year. Having said that, we experienced a significant recovery during the second half of the year, and we believe we limited profit declines to the minimum.
Fiscal 2021 signals the start of our new medium-term management strategy, NEW HOPE. We refer to this plan as a medium-term management strategy, focusing on group growth strategy, rather than a medium-term management plan, which focuses on financial planning. In this way, we expect to respond to our environment, which changes more dramatically and rapidly every year, as well as to such uncertainties as represented by the COVID-19 pandemic.
Under this NEW HOPE, the ABC Group continues to evolve as a dynamic and creative corporate organization, adapting to social change and contributing to the development of society. In pursuit of this philosophy, we have envisioned ourselves Creating and Delivering New Happiness. We will identify more closely with people, considering their happiness as we continue to create and deliver content and services that enrich lives. The ABC Group wants more people to feel happiness, and for each person to find their own individual happiness. This is exactly the value defined as New Happiness that we want to create.
We have identified priority targets for the group to help us provide this type of value, and our strategies address our business domains, divided into three categories: Broadcasting, Content, and Lifestyle. By achieving our targets in each business, we aim to achieve group consolidated sales of 100 billion yen by fiscal 2025.
NEW HOPE is the title of our strategy. This title reflects our hope as a guidepost for the group to move forward and a new hope envisioning our group after we have grown and achieved our targets. It will not be an easy road, but we will advance together as a united group, continuing to grow as we strive to achieve our goals.
We ask for your continued understanding and support of the ABC Group.
More importantly, we pray for your good health and happiness.
Representative Director and President
Asahi Broadcasting Group Holdings Corporation