Revenue from PC games rose by almost four per cent during 2023.
Remedy revenue dipped 22% in 2023 despite Alan Wake success
20.03.2024 - 12:19 / pcgamesinsider.biz / Tero Virtala
Finnish games firm Remedy has reported €33.9 million ($36.8 million) in revenue for 2023.
That's a drop of 22.2 per cent year-on-year, while the company's EBITDA fell from €1.9 million ($2 million) to negative €17 million. Meanwhile, Remedy clocked an operating loss of €28.6 million ($31 million) – compared to 2022's €600,000 ($650,550) – and the company's operating profit margin fell from a 1.3 per cent loss to 84.4 per cent in the red.
Remedy said that the rather weak financial results are due to "increased" investment in its upcoming line-up. This includes Control 2 and a multiplayer title codenamed Kestrel.
"The sales of Alan Wake 2 started well despite a competitive launch window and an overall exceptional number of great game launches throughout the year. Alan Wake 2, as a digital only release, had sold over 1 million units by the end of the fourth quarter of 2023 making it the fastest selling Remedy game," CEO Tero Virtala wrote.
"I want to thank the development team for their incredible effort in getting Alan Wake 2 done. As Control proved, a great quality game can have excellent longtail sales and we expect this to be the case with Alan Wake 2 as well. 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."
He continued: "Our full year 2023 revenue and profitability were impacted by significantly increased investments in our own game projects, and the impairment charge related to codename Vanguard. Out of the five games we had in development during the year, we cofinanced four that are based on Remedy-owned brands, whereas Max Payne 1 & 2 remake is fully funded by the IP owner and publishing partner Rockstar Games. In the
fourth quarter of 2023, revenue and profitability declined from the comparable period."
The website gametalkz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Authors
Popular Topics
gamesradar.com
29.03.2024 / 19:19
Helldivers 2 devs got a letter from Alan Wake himself, and it's great: "Their righteous crusade had spread like wildfire, gained thousands, millions of followers"
Helldivers 2 developer Arrowhead Game Studios recently received a gift package from Alan Wake 2 and Control developer Remedy Games, and it came with a letter penned by none other than Alan Wake himself. It's a fun read, an in-character mix of two game worlds worth of lore, filtered through the persona of one gaming's most iconic writers, and spliced with the events of today's industry. Here's the letter in full:
eurogamer.net
26.03.2024 / 12:51
Remedy details Control live-service multiplayer spin-off
Alan Wake developer Remedy has shared more details on its upcoming live-service multiplayer game, currently known as Condor.
gamerant.com
26.03.2024 / 02:35
Remedy Reveals New Details About Control Spin-Off Game
Remedy has recently shared more information about Codename Condor, its upcoming co-op Control spin-off. It was already known that the next entry in the Control franchise would be a live service title, but now Remedy shared some details about its premise and development, revealing that it will not be a free-to-play game.
thegamer.com
23.03.2024 / 00:03
Alan Wake 2's Dark Place Was Originally Way Too Dark
Alan Wake 2 was easily one of the best games last year, and that's saying something when you stand back and look at how amazing 2023 was. A lot of that was down to how Alan Wake 2 experimented with bold and interesting features, and the Dark Place was a hub for Remedy to go wild with unique ideas such as light shifting and reality swapping. However, these features may not have been added had Remedy not first created a confusing and complex Dark Place prototype in the first place.
thegamer.com
22.03.2024 / 18:03
Alan Wake 2's Case Board Had To Be Reworked Because It Was Too "Anxiety-Inducing"
Alan Wake 2's Case Board was given such overwhelmingly negative feedback during development due to its "anxiety-inducing" mechanical depth that it had to be toned down a ton for the final game.
gamerant.com
21.03.2024 / 17:15
Remedy Has Good News for Alan Wake and Control Fans
Remedy has good news for fans of Alan Wake and Control, hinting that the time between games won't be as long as the wait between Alan Wake 2 and its predecessor. As the Remedy universe continues to grow, the studio behind Alan Wake and Control has ambitious goals for both series.
gameranx.com
20.03.2024 / 17:07
Remedy Planning More Regular Sequels for Alan Wake
Tero Virtala, the CEO of Remedy Entertainment, has made it clear that upcoming Alan Wake sequels will be coming out more steadily. The original game was released in 2010, but Alan Wake 2 didn’t hit the market until October 2023.
eurogamer.net
20.03.2024 / 16:53
Remedy blames revenue drop on €7.2m cost to reboot Project Vanguard
Alan Wake and Control developer Remedy Entertainment has seen its revenue drop by 22.2 percent for the year.
gamingbolt.com
20.03.2024 / 16:37
Remedy Wants a “More Regular Cadence of Sequels” for Alan Wake and Control
Control and Alan Wake have both brought Remedy Entertainment plenty of success in recent years, with Control having sold 4 million units, and Alan Wake 2 hitting 1.3 million sales to become the studio’s fastest-selling game. It’s no surprise, then, that the developer intends to keep expanding both franchises with more new releases going forward.
videogameschronicle.com
20.03.2024 / 16:19
Remedy is planning a ‘more regular cadence of sequels’ for Alan Wake and Control
Remedy Entertainment has said players should expect a “more regular cadence of sequels” for Alan Wake and Control.
wccftech.com
20.03.2024 / 14:42
Remedy Says Alan Wake 2 Has Recouped Most of the Investment; Studio Plans More Regular Sequels for AW, Control
Today, Remedy released its latest quarterly report for the period between October and December 2023. Despite the successful launch of Alan Wake 2, which was the fastest-selling game ever made by the studio even launching in a highly competitive release window, Q4 2023 marked a decrease in both revenue and profitability compared to 2022 due to significantly increased investments in the other game projects and to the impairment charge cost (€ -7.2 million) related to the reboot of the free-to-play Project Vanguard, from now on known as Kestrel.