Remedy starts "new growth era" as Alan Wake 2 recoups its costs and annual revenue jumps 49%
Remedy Entertainment has released its financial statements for 2024. The Finnish developer is gearing up its self-publishing capabilities, while continuing to working on new games as part of its long-term growth strategy.
Alan Wake 2: The Lake House
Financial highlights
- According to its full-year report, Remedy reached €50.7 million in revenue in 2024, up 49.3% year-over-year.
- The company recorded an operating loss of €4.3 million, an improvement from €28.6 million in 2023.
- The majority of revenue came from development fees, mainly for Max Payne 1&2 Remake (financed by Rockstar) and Control 2 (Annapurna Picture will fund 50% of the game’s budget). Remedy received a total of €45.6 million in development fees last year, up 58.8% compared to 2023.
- Royalties amounted to €5.1 million, down 2% year-over-year. The main drivers were Control and Alan Wake Remastered.
- Remedy expects its revenue to increase in 2025, also projecting a positive operating profit.
- “By 2027 we aim to double our 2024 revenue with an EBITDA margin of 30%,” the studio’s CEO Tero Virtala said in a statement. “2025 will mark the start of a new growth era for us.”
Remedy’s video game pipeline
- As of the end of 2024, Alan Wake 2 sold over 2 million copies across all platforms. It finally recouped its development and marketing expenses, and Remedy started receiving first royalties from Epic Games (under the deal, the studio is entitled to 50% of net revenue of all future sales).
- Co-op shooter FBC: Firebreak is in full production. In December, the studio held a closed technical test with external players, “giving the team data and insight to help development and shape the final product.”
- Mayx Payne 1&2 Remake is also in full production, making a “steady progress.” The game’s development progress is “heading towards key development objectives together with the game’s publisher Rockstar Games.”
- Control 2 finalized the production readiness stage last year as the team “verified the velocity of asset creation [and] established production pipelines.” The game is ready to enter full production this month.
- Both Control 2 and FBC: Firebreak will be self-published by Remedy, as previously expected. More details about its growth strategy can be found here.