Draugoth
Gold Member
Financial highlights
- According to its H1 report, Remedy reached €10.3 million in revenue in the second quarter, up 16.2% year-over-year. Its first-half revenue grew 33.7% to €21.1 million.
- Operating loss was €3.2 million, an improvement from €4.8 million in Q2 2023. H1 loss reached €5.3 million, compared to €10.4 million in the same period last year.
- Development fees from partners were the main source of revenue in the second quarter, accounting for 91% of the total. This is mainly to higher fees from the Max Payne 1&2 remake, which is developed in partnership with Rockstar.
- Royalties from sales of already released games (mainly Control and Alan Wake Remastered) amounted to just €912k in Q2.
Remedy has yet to see revenue from Alan Wake 2
- According to CEO Tero Virtala, Alan Wake 2 “did not yet generate royalties.”
- The game was fully funded by Epic Games, and Remedy will be entitled to 50% of net revenue after the Epic fully recoups its investment. As of February 2024, AW2 sold 1.3 million copies globally, meaning it was still not enough to generate revenue for the studio.
- In March, Virtala told investors that Alan Wake 2 “has already recouped a significant part of the investments made by Epic Games Publishing, and we expect the game to be a meaningful revenue and profitability driver for the year.”
- The game’s budget remains undisclosed, but Finnish analysts estimated the total at €70 million, of which €50 million were development costs.