Finnish studio Remedy Entertainment (the Max Payne, Control, Alan Wake 2 duology) spoke about financial results for the second quarter of 2024 and the current status of games in development.
Image source: Steam (Stan)
From April to June, Remedy’s revenue grew by 16% compared to the same period in 2023 and amounted to €10.3 million (€10.8 million in the first quarter), and operating losses decreased from €4.8 million to €3 .2 million
At the end of the first half of 2024, Remedy reported revenue growth of 33.7% (from €15.8 million to €21.1 million). Operating profit is still in the red, but noticeably less than in 2023 (€5.3 million versus €10.4 million).
Image source: Epic Games Store
Remedy considers the main events of the second quarter to be the June release of the Night Springs add-on for Alan Wake 2, as well as the progress of Control 2 to readiness for active development and the transition of the collection of remakes Max Payne 1&2 to full production.
Status of Remedy’s current projects in development:
- Condor (active development) – the team of the multiplayer offshoot Control worked on several maps and mission types, and also organized a number of external and internal tests;
- Control 2 (ready for production) – the team has prepared a build with several important gameplay features and is working on expanding the project;
- Max Payne 1&2 (active development) – Work is underway on an early version of the game that will be playable from start to finish, focusing on distinctive gameplay features.
Condor concept art (image source: Remedy Entertainment)
Development costs increased in the second quarter (again due to Max Payne 1&2). The studio mainly receives royalties from Control and the Alan Wake remaster. Alan Wake 2, meanwhile, recouped almost all of its production and marketing costs.
In February, Remedy bought all rights to Control from publisher 505 Games for €17 million, and in May canceled the premium cooperative action game codenamed Kestrel, which was created with the financial support of Tencent.