Remedy Entertainment reported an increase in revenue for the first half of the year, highlighting that "Alan Wake 2" has covered most of its development expenses

Remedy disclosed its mid-year financial report for 2024, showing higher revenue and better profitability compared to the previous year's first half.

Despite Alan Wake 2 not generating royalties yet, the game has managed to cover most of its development and marketing costs since its release in October.

Financial Breakdown

Q2 2024 Figures:

• Revenue: €10.3 million (16.2% increase)
• Operating loss: €3.2 million (down from €4.8 million in the same period last year)

H1 2024 Figures:

• Revenue: €21.1 million (33.7% increase)
• Operating loss: €5.3 million (down from €10.4 million in 2023)

Key Developments

The primary source of income stemmed from development fees for the Max Payne 1 and 2 remake, in collaboration with Rockstar, along with royalties from Control and Alan Wake Remastered.

CEO Tero Virtala mentioned that the halt of project Kestrel in May led to better development focus and efficiency, enabling the firm to allocate team members to other projects.

During this period, the Max Payne 1 and 2 remake moved into full production, while Control 2 and its multiplayer spin-off, codename Condor, advanced to the production readiness phase.

In February, Remedy bought out all Control rights from 505 Games for €17 million.

Additionally, the report covered the financial results for the quarter ending June 2023, marking the launch of Alan Wake 2's Night Springs expansion.

Revenue for this quarter increased by 16.2% to €10.3 million, with operating losses at €3.2 million.

"With full ownership of the IP and publishing rights for Control and Alan Wake, we can dictate how future titles are brought to the market," noted Virtala. "We are exploring self-publishing options and potential partner collaborations."

Virtala highlighted that expanding the Alan Wake and Control franchises is crucial for Remedy's strategic future, with a new development team established to oversee and support its game portfolio.