During the third quarter of 2024, Remedy's revenue increased by 129%
Financial figures for Remedy's third quarter of 2024, covering July to September, indicate substantial revenue growth over the previous year's third quarter.
Financial Overview
- Revenue: €17.9 million, marking a 129% increase
- Operating Loss: €2.4 million, a reduction from last year's €5.5 million loss during the same period
Key Developments
The substantial revenue boost is attributed to a partnership with Annapurna, announced in October, through which Remedy secured 50% funding for Control 2 in a one-time payment.
Under this arrangement, Annapurna obtained exclusive licensing rights for the franchise adaptations of Control and Alan Wake in film, TV, and other formats, while Remedy retained full intellectual property rights.
In September, Remedy secured a loan of €15 million from Tencent to bolster its game development and publishing initiatives.
Additionally, revenue gains were supported by fees received for the remake of Max Payne 1 and 2, a project managed by Remedy with funding from Rockstar.
There was a noted decline in royalty income from continued sales of Control and earlier Alan Wake releases.
Previously, it was disclosed that Alan Wake 2 has recuperated a significant portion of its production and marketing costs, though it has not yet started generating royalties.
Remedy's ongoing projects are reported to be progressing smoothly, with Control 2 scheduled to enter full production in 2025, while the Max Payne remakes continue in full production.
Recently, the company revealed its upcoming game FBC: Firebreak, once known by the codename Condor, a multiplayer extension of the Control universe set for release in 2025, which will be self-published.
