As you will see during the days and months ahead, we are entering a new era of children's toys and entertainment. We've got a lot to tell you about this morning, but first I would like to take this opportunity to join David in welcoming those of you who are with us for the first time. And for those of you who have been a part of TOY FAIR in years past, a special thank you for your time and effort in helping us establish New York's TOY FAIR as the most significant event in the global toy industry. In addition we will have a panel discussion covering key aspects of the industry from a distinguished panel of toy company leaders. But first, let's talk about the industry as a whole.
Toys are the leading source of entertainment for children today.
We're all aware that a child's attention span can be short, therefore, toys must evolve quickly, and perform creatively and safely in order to capture and sustain their interest. The American toy industry is meeting that challenge producing creative, innovative and compelling toys that stimulate the imagination of children here and around the world. Looking back at 1999, there are several elements that stand out above the rest. Perhaps the loudest, although not the heftiest, buzz in the toy industry was about online sales more about that in a minute. The successful licensing property Pok mon and its widespread impact were on children's and adults' lips for most of the year.