Team17 Annual Report: revenue growth, falling profits and dozens of laid-off employees

The British publisher Team17 has published a financial report for last year. We have chosen the main thing.

Blasphemous 2

  • Team17 reported that it earned 159.1 million pounds in 2023. Compared to 2022, its revenue increased by 12%.
  • 71% of the revenue came from games from the back catalog.
  • 35% of the revenue came from games on IP owned by the company.
  • Team17's gross profit fell by 17% year-on-year to 57.5 million pounds.
  • Adjusted EBITDA also decreased by 39% to 29.9 million pounds.
  • During the year, Team17 released 17 new games, including Dredge, Blasphemous 2, Headbangers: Rhythm Royale, Killer Frequency and Moving Out 2. In 2024, the company plans to publish at least ten titles.
  • According to the report, Team17 actively cut staff in the second half of the year. At the end of December 2023, the company employed 348 people — 90 fewer than on June 30, 2023. If we compare with the previous year, then on December 31, 2022, there were 392 employees in the staff of Team17.
  • Despite the drop in profits, the company is generally optimistic. Team17 announced that it had introduced stricter cost controls, revised its business strategy towards low-risk indie games and reshuffled management.

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