Finnish studio Remedy Entertainment (the Max Payne, Control, Alan Wake 2 duology) reported financial results for the third quarter of 2024 and the current status of games in development.
Image Source: Remedy Entertainment
From July to September, Remedy’s revenue grew by 128% (mainly thanks to the Annapurna deal) compared to 2023 and reached €17.9 million, and operating profit amounted to €2.4 million (a year ago there were losses of €5 .5 million).
For the first nine months of 2024, Remedy reported revenue growth of 65.1% (from €23.6 million to €39 million). Operating profit is still in the red, but noticeably less than in 2023 (€2.9 million versus €15.9 million).
FBC: Firebreak
As for Remedy’s projects in development, co-op shooter FBC: Firebreak (formerly Condor) and the remake collection Max Payne 1&2 are progressing into full production, with Control 2 moving into production in 2025.
Remedy notes that to reduce production risks, the Control 2 team has already integrated many key features into the game and is currently setting up workflows in preparation for active development.
Alan Wake 2, which recovered almost all production and marketing costs in the second quarter, has not yet begun to make a profit, although it was released on October 27, 2023 – on October 22, the game received the The Lake House addon (with a Control 2 teaser).
In February, Remedy bought all rights to Control from publisher 505 Games for €17 million, and in August entered into a strategic partnership with Annapurna. The company will pay half of Control 2’s budget, allowing the studio to release the game itself.