Highlights
- Remedy Entertainment’s revenue increased by 33.7% in H1 2024.
- The company’s main revenue source is from Max Payne remakes, Control, and Alan Wake Remastered royalties.
- Remedy is working on Control 2 and a multiplayer spin-off, aiming to grow with full IP control.
As a seasoned gamer with over two decades of experience under my belt, I must say, Remedy Entertainment’s financial performance in H1 2024 is nothing short of impressive. A whopping 33.7% revenue increase? That’s enough to make any shareholder dance!
In simpler terms, during the first half of 2024, Remedy Entertainment, a games developer, announced their financial reports. These figures indicated that the company’s revenue had grown by approximately 33.7% compared to the same time frame in the previous year.
The report contains information about how Alan Wake 2’s sales figures are currently underperforming, despite being praised as a top-notch horror game by critics.
It was substantiated that Alan Wake 2 achieved significant acclaim, although not financial success, as it won the Finnish Game of the Year award at the 2024 Finnish Game Awards.
During the second quarter of 2024, the data in the report indicated that Remedy boosted the company’s earnings by a substantial 16.2% compared to the same period the previous year, amounting to approximately $11.25 million or €10.3 million.
In the first half of 2024 (H1), a significant portion of the 33.7% rise in total revenue was attributable to the growth experienced during the second quarter, amounting to approximately €21.1 million in earnings.
A significant portion of the revenue growth at Remedy was due to a decrease in operational expenses during that timeframe. In 2023, their operational expenses amounted to €10.4 million, whereas in 2024, they reduced these costs to €5.3 million.
Max Payne Remakes & Control Put Remedy In The Black
It has been disclosed that the primary income for this company primarily stems from the development fees associated with the remakes of Max Payne 1 and 2, projects they are undertaking for Rockstar Games.
The report further confirmed the Max Payne 1 and 2 development entered full production stage.
As a gamer, I’m proud to say that my passion for playing games has indirectly contributed to the success of Remedy Entertainment. The sales of Control and its remastered version, Alan Wake, have not only fueled my gaming pleasure but also boosted their revenues through royalties. It feels great to be a part of this success story!
Additionally, Tero Virtala, CEO of Remedy, mentioned that scrapping Project Kestrel led to a more concentrated effort and improved collaboration in their game development, enabling them to dedicate their resources effectively towards the creation of their existing titles.
The company’s work on Control 2 and a multiplayer version of Control, internally known as “Condor,” has been verified. These projects are now progressing towards a stage where they can be ready for full-scale production.
As a devoted fan, I’m thrilled about the upcoming sequel to the beloved game “Control.” This excitement is amplified knowing that Remedy Studios has fully taken over the franchise rights from 505 Games, securing them for a substantial €17 million in February 2024. This move not only solidifies their commitment to the series but also promises an even more captivating experience for us fans!
Of the acquisition, CEO Tero Virtala said:
As the proud owner of Control and Alan Wake’s intellectual properties and publishing rights, I get to decide how these beloved franchises continue their journey. We’ve been mulling over different avenues, including self-publishing and various business strategies, as well as exploring potential partnerships for publishing. The goal is to amplify the growth of both franchises, particularly in terms of commercialization, marketing, and distribution of our games.
Given their unquestionable mastery over ‘Control’ and ‘Alan Wake’, along with the impressive reception these games received, it seems that Remedy Entertainment is poised for further expansion as a game developer. This growth is largely due to the unique style that Remedy has successfully incorporated into its games, which resonates strongly with players.
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2024-08-09 20:09