Remedy Entertainment released its Business Review for January to September 2024. The review was published on November 1 and sheds more light on the company’s franchises and what the future holds.
During the period under review, Remedy’s revenue surged by 65.1% to €39 million. According to the company’s CEO Tero Virtala, the company’s third-quarter revenue increased by 129% compared to a year ago.
However, the company’s development fees also increased, “driven by Control 2 related one-time payment from Annapurna as well as higher development fees from Max Payne 1&2 Remake and Control 2”.
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Remedy’s royalties also suffered a slight decline mainly from sales of Control and older Alan Wake titles. Also, the CEO mentioned that Alan Wake 2 has yet to generate royalties. The aspect of business review that would likely interest gamers is the update on their future games.
“Our games in development progressed as planned during the quarter,” said Virtala. “In August, we made a strategic partnership agreement with Annapurna, which ensures we can develop Control 2 into a great game. It also allows us to move into self-publishing and expand our game franchises to other mediums such as television and film.”
- FBC: Firebreak, previously codename Condor, continues in full production with a focus on iterating on the core loop and implementing more of the UI for more player clarity based on playtesting feedback
- Control 2 has progressed well in the production readiness stage and is on track to start full production in 2025
- Max Payne 1&2 Remake is making steady progress in full production
On October 24, 2024, The Board of Directors of Remedy issued 811,100 special rights to Tencent. Remedy also secured a convertible loan from Tencent. Some of the terms of the loan deal include:
- 8% p.a. interest that is capitalized annually
- Conversion at a fixed price of EUR 27.20 per share starting from the third anniversary until the fifth anniversary
Remedy said the financing from Tencent will help the company in “developing and fully realizing the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games”.
Which upcoming title from Remedy are you looking forward to the most? Share with us in the comment box below.
