Remedy has released its financial report for the third quarter (July to September 2024), and has reported a significant increase in revenue compared to the same period last year.
The numbers
- Revenue: €17.9 million (up 129%)
- Operating loss: €2.4 million (compared to operating loss of €5.5 million for same quarter last year)
The highlights
Remedy noted that this rise in revenue was driven by its deal with Annapurna announced in October, which will see the former finance 50% of Control 2 through a one-time payment.
Annapurna received full licensing rights for Control and Alan Wake in film, TV, and other media as part of the deal. Remedy will retain full IP rights for both franchises.
In September, the studio received a €15 million loan from Tencent to support ongoing development of its games and self-publishing efforts.
Its revenue was also boosted by development fees for the Max Payne 1 and 2 remake, which is being developed by Remedy and financed by Rockstar.
Meanwhile, Remedy saw a slight decrease in royalties which were sourced from continued sales of Control and previous Alan Wake titles.
As reported during the last quarter, Alan Wake 2 has recouped most of its development and marketing expenses but has yet to generate royalties.
Elsewhere, Remedy said its games in development are progressing “as planned”, with Control 2 on track to begin full production in 2025. The Max Payne 1 and 2 remake remains in full production.
Last month it announced its latest title FBC: Firebreak, previously known as codename Condor. The Control multiplayer spin-off is set to release in 2025 and will be self-published.
