Remedy’s year opens with revenue boost, focus on non-Alan Wake projects
For Remedy, the first half of 2024 has been quite fruitful.
In the six-month period for January-June 2024, the Alan Wake developer saw a revenue growth of 33.7 percent from last year’s period to €21.1 million (or $23 million). For the period’s operating profit, Remedy reported a loss of €5.3 million, down year-over-year from €10.4 million.
The three-month second quarter (between April 1 and June 30, 2024) saw revenue of €10.3 million, up 16.2 percent from last year’s €8.9 million. It also had its own operational loss of €3.2 million, down compared to €4.8 million in the same period last year.
Still, there’s been “improved profitability” overall compared to last year’s fiscal period.
And while Alan Wake II still hasn’t become fully profitable, Remedy noted it’s recouped “most” of the game’s development and marketing expenses. June’s “Night Springs” expansion was a noted highlight for the entire quarter.
The studio also saw an increase in development fees from last year due to the Max Payne 1 & 2 remakes. Both projects are now in full production, as is “Codename Condor,” which has a “growing” amount of limited internal and external playtests.
Control 2, meanwhile, is in the production readiness stage, and recently hit an “important milestone” showcasing playable features. Virtala noted the milestone has further “supported ongoing business negotiations.”
In regards to all three projects, he said Remedy is exploring self-publishing and “related business models.” A publishing partner (as it did with Epic Games for Alan Wake II and 505 Games with Control) is also on the table.
Regardless, the studio will take a “more significant role” in growing out the two franchises, which is planned to be revealed by the end of the year.
About the Author
Contributing Editor, GameDeveloper.com
A Kansas City, MO native, Justin Carter has written for numerous sites including IGN, Polygon, and SyFy Wire. In addition to Game Developer, his writing can be found at io9 over on Gizmodo. Don’t ask him about how much gum he’s had, because the answer will be more than he’s willing to admit.
