Remedy Annual report: revenue fell by 22%, the budget of the remake of the Max Payne dilogy is comparable to Alan Wake 2

Remedy Entertainment has released a financial report for the fourth quarter and the entire year 2023. The company's losses increased as it actively invested in game development.

Figures for the fourth quarter of 2023:

  • revenue — 10.3 million euros. A drop of 24.4% year-on-year;
  • operating losses for the year increased from 2.1 million to 12.8 million euros.

Indicators for the whole year 2023:

  • revenue — 33.9 million euros. A 22.2% year-on-year decline;
  • operating losses for the year increased from 563 thousand euros to 28.6 million euros;
  • in 2023, Remedy has increased its staff. As of December 31, 2023, the company employed 352 people, at the end of 2022 there were 334 employees.

Game data:

  • Alan Wake 2 has not yet paid off, but it has repelled "a significant portion of the investment" made by Epic Games Publishing. Remedy expects Alan Wake 2 to start making a profit in 2024;
  • the budget for the remake of the Max Payne dilogy is close to the budget of Alan Wake 2 [according to analysts, the total budget of Alan Wake 2 amounted to 70 million euros, of which 50 million euros went directly to development. — Editor's note]. The creation of the remake is fully funded by Rockstar Games, which owns the rights to Max Payne;
  • In November, Remedy restarted work on the Vanguard shooter, changed its concept and renamed it Kestrel. Instead of a free-to-play game, she decided to make a premium title with an emphasis on the cooperative and multiplayer component;
  • Control 2 is still in the proof-of-concept phase. In the fourth quarter of 2023, the game team worked on creating a world and a combat system;
  • A spin-off of Control under the working title Condor is ready for production. In the fourth quarter of 2023, its developers worked mainly on the combat system and game mechanics;
  • Remedy expects to move the remake of the Max Payne, Control 2 and Condor dilogy to the next stage of development during the first half of 2024.

A source:

Remedy Entertainment
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