Remedy Reports H1 Revenue Rise

Highlights

Remedy Entertainment’s revenue increased by 33.7% in H1 2024.
The company’s main revenue source is from Max Payne remakes, Control, and Alan Wake Remastered royalties.
Remedy is working on Control 2 and a multiplayer spin-off, aiming to grow with full IP control.

Games developer Remedy Entertainment published the company’s financial results for the first half of 2024. The report showed Remedy increased revenue by 33.7% from the same period the year prior.

Included in the report, Remedy offered an update on the sales performance of Alan Wake 2. While the game has been largely considered a critical success, and hailed as a great game of the horror genre, the sales performance of the game remains lackluster.

The critical, although not commercial, success of Alan Wake 2 was confirmed when the game took the Finnish Game of the Year award at the 2024 Finnish Game Awards.

Still of Alan Wake watching himself on a film projector from Alan Wake 2.

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The numbers in the report showed Remedy increased the company’s revenues through the second quarter of 2024 by 16.2% over the same period of the previous year, good for $11.25 million (€10.3 million).

The second quarter increase was partially responsible for the 33.7% revenue increase through the first half of 2024 (H1), reflected in $23 million (€21.1 million) in revenues.

Part of the increase in revenues came from Remedy’s reduced operating costs during the period. In 2024, Remedy’s operating costs were €5.3 million, compared to€10.4 million for the same period in 2023.

Max Payne Remakes & Control Put Remedy In The Black

Remedy revealed that its main revenue source was development fees from the Max Payne 1 and 2 remakes, which it is developing for Rockstar Games.

The report further confirmed the Max Payne 1 and 2 development entered full production stage.

In addition to development fees from the remakes, Remedy noted that royalties from Control and Alan Wake Remastered spurred on revenues.

Also, Remedy CEO Tero Virtala said the cancellation of project Kestrel “brought increased focus and better development synergies,” which allowed Remedy to focus on developing its current games.

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Remedy also confirmed the company is continuing development of Control 2 and a Control multiplayer spin-off given the codename Condor, with both entering what the company calls production readiness stage.

The sequel to the popular game Control looks set to be a success for Remedy, especially as the studio acquired full rights to the franchise from 505 Games for €17 million in February 2024.

Of the acquisition, CEO Tero Virtala said:

With full control of the IP and publishing rights to Control and Alan Wake, we can choose how to bring future games to market. We have been weighing self-publishing and related business models, as well as discussing partner publishing opportunities. We are preparing to take a more significant role in growing the two franchises and especially in the way we commercialize, market, and publish our games.

With this position of complete authority on Control and Alan Wake, and the relative success of both games, Remedy looks set to continue to grow as a developer. Especially as Remedy has been able to establish a style to its games which the players respond well to.