Starbreeze reports 3.4x revenue decline in 2024, but success of third-party publishing fuels its multi-title strategy

Starbreeze has published its 2024 results, reporting huge declines in sales. However, the company plans to stabilize and diversify its business through third-party publishing, licensing, and expanding its own brands into new platforms.

Payday 3

Financial highlights

According to its year-end revenue, Starbreeze’s net revenue reached SEK 185.9 million ($17.3 million) in 2024. This is a decrease of 3.4 times compared to 2023.
Such a drastic decline is due to the lack of new major releases like Payday 3 was in the previous 12-month period.
Net loss amounted to SEK 199.3 million ($18.6 million), compared to a profit of SEK 207.6 million ($19.3 million) in 2023.

Starbreeze’s quarterly revenue (white) and EBITDA (red)

As of December 31, 2024, Starbreeze employed 189 people, down 3.5% year-over-year.
“With a balanced risk profile, strong cash position and several ongoing projects approaching important milestones, we look forward to 2025,” CEO Mats Juhl said in a statement. “Our vision to be a leading multi-title studio is more realistic than ever, and we are well positioned to continue building value for our players and owners.”

Starbreeze’s game results and brand expansion

Revenue from Payday 3 fell 82.6% year-over-year to SEK 82.9 million ($7.7 million), while Payday 2 generated SEK 41.8 million ($3.9 million), down 70%.
Despite such a decline, Starbeeze noted that the Payday franchise remains the “basis of our strategy, operations and our most important asset.”
Third-party publishing was the only segment to show growth, with its full-year revenue up 220% to SEK 47.7 million ($4.4 million).
Since returning to the publishing business in 2022, the company has released three third-party games: Roboquest, The Tribe Musts Survive, and Turtle vs Turtle. Its pipeline also includes Out of Sight, an upcoming second-person horror game about a blind girl who sees the world through her teddy bear’s eyes.
Roboquest remains the most successful title published by Starbreeze, contributing to strongly to revenue. It is expected to launch on PlayStation in the first half of 2025.
In December 2024, Starbreeze’s game portfolio reached 546.5 million monthly active users (MAU).

Revenue from work-for-hire contracts amounted to SEK 6 million ($559.9k), thanks to Starbreeze’s deal with Krafton to bring the Payday experience to PUBG. This part of the studio’s plans to increase visibility of its IP and reach a wider audience.
In Q4, Roblox game Notoriety relaunched under the Payday license. “Our philosophy is to continue to increase the reach and relevance of the brand through collaborations and creative partnerships combined with our own titles,” Juhl noted.
Stabreeze continues to work on Project Baxter, a co-op title based on the Dungeon & Dragons IP. The team is now having game tests and “in-depth conversations” with potential partners to maximize its commercial potential.