CD PROJEKT Report: Strong Growth in Revenue, Profits, and Expenditure on New Game Development

The Polish corporate group CD PROJEKT has released its report for the first quarter of 2024. Everything is looking good for them.

Cyberpunk 2077

• CD PROJEKT's revenue increased by 30% to 226.8 million PLN (57.8 million USD).
• The group's net profit reached 100 million PLN (25.5 million USD), which is 44% higher than last year.
• CD PROJEKT RED contributed the majority of the revenue with 187.2 million PLN (47.8 million USD), while GOG brought in an additional 44.2 million PLN (11.3 million USD).
• Quarterly sales of Cyberpunk 2077 and the Phantom Liberty expansion totaled 146.2 million PLN (37.3 million USD), marking a 94% increase compared to last year. Sales of The Witcher series were 28.2 million PLN (7.2 million USD), a decrease of 41%.

CD PROJEKT's Revenue Breakdown

• North America remained CD PROJEKT's key market, accounting for 70.6% of all sales. Europe followed with 19%, then Asia with 5.4%. The domestic market (Poland) provided 3.42% of sales revenue.
• Spending on game development and technology investment was 50.3 million PLN (12.8 million USD), a decrease of 27.8%. However, spending on research within the early stages of new game development grew by 14.4 times, reaching 20.6 million PLN (5.2 million USD).
• CD PROJEKT reported that as of March 31, 2024, 630 people were involved in game development. Most are working on Project Polaris (the new installment of The Witcher), totaling 407 people. The Project Orion team (Cyberpunk 2077 sequel) is seven times smaller with 56 people. The Project Sirus team (The Witcher spin-off by The Molasses Flood) has 39 people, and the Project Hadar team (new IP) has 20 people. There are no longer any staff working on Cyberpunk 2077.

CD PROJEKT Team Numbers

• During an investor presentation, CD PROJEKT stated that it plans to release major games more frequently. They expect success in this as the company has learned to work on multiple projects simultaneously.