Yes. Kong: Skull Island takes place in the 1970s, before the events of Godzilla '14. MONARCH is said to be featured in it as well.
"It wouldn't be a true Godzilla film if you didn't touch upon those things. Anyone who thinks otherwise is not a true Godzilla fan." - Mike Dougherty, fellow gatekeeper-elitist ;)
Glad to hear from another fan of the 2014 film!
"Fantasy is the impossible made probable. Science Fiction is the improbable made possible." -Rod Serling
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