"We want to organize the best Games possible", IOC President Thomas Bach said in a conference call with reporters, adding that "this postponement will require sacrifices and compromises from all parties".
"Imagine what this could mean for all of us", Bach says in the video.
Let's start with the biggest question... what took them so long to postpone the Games?
Bach has become a figure of great worldwide attention, receiving criticism for around the world of sports for the handling of the postponing of the Tokyo Olympic Games, with many accusing him of waiting too long to decide to move the 2020 Olympics to 2021.
Australian Olympic Committee chief executive Matt Carroll and FFA chief executive James Johnson plan to "open up discussions" with soccer's world governing body and the Asian Football Confederation on increasing the age limit from 23 to 24 for the Tokyo tournament.
The decision was a major blow to Japan, which has invested more than $12 billion in the Olympics and had for weeks insisted that they would go ahead as planned, even as the pandemic grew.
Samsung is supporting the IOC's decision to postpone the Olympics until next year and has confirmed that it will work closely with the organizers 'to ensure a safe and memorable Olympic Games'.
Speaking to reporters, Japan Olympic Committee President Yasuhiro Yamashita called for refocusing efforts.