FinancialRemedy Entertainment
Remedy Entertainment Annual Report 2024
1 Mar 202546 pages~62 min full read
Remedy Entertainment achieved a financial turnaround in 2024 with revenue growing 49.3% to €50.7 million and EBITDA reaching €2.5 million, driven by Alan Wake 2 surpassing 2 million units sold.
See it on page 44The company is transitioning to a self-publishing model for its owned IP, supported by the full reacquisition of the Control franchise and strategic financing from Annapurna and Tencent.
See it on page 13The studio aims to double 2024 revenue by 2027 while achieving a 30% EBITDA margin through a disciplined six-stage production pipeline.
See it on page 6Major upcoming projects include the €30 million multiplayer title FBC: Firebreak and the €50 million Control 2, both entering full production by early 2025.
See it on page 25The Max Payne 1&2 remake, fully funded by Rockstar Games, entered full production at the end of 2024 to support the studio's four-project portfolio.
See it on page 28A new partnership with Annapurna aims to expand the Alan Wake and Control franchises into film and television to evolve them into global brands.
See it on page 24Remedy Entertainment achieved a significant financial turnaround in 2024, with revenue growing 49.3% to €50.7 million and EBITDA improving to €2.5 million. This recovery was driven largely by the commercial success of Alan Wake 2, which surpassed 2 million units sold and fully recouped its development and marketing costs. The company is currently executing a major strategic shift toward a self-publishing model for its owned intellectual properties, a move bolstered by reacquiring the full rights to the Control franchise and securing strategic financing through a partnership with Annapurna and a convertible loan from Tencent.
The long-term strategy for 2025–2030 aims to double 2024 revenue by 2027 while achieving a 30% EBITDA margin. To reach these targets, the studio is focusing on a disciplined production pipeline managed through a six-stage gate process. Key upcoming projects include the multiplayer spin-off FBC: Firebreak, budgeted at €30 million, and Control 2, budgeted at €50 million. Both titles are scheduled to enter full production by early 2025. Additionally, the Max Payne 1&2 remake, fully funded by Rockstar Games, moved into full production at the end of 2024.
Operating primarily from Finland with a global reach, the studio grew its headcount to 367 employees to support its portfolio of four major projects. Beyond game development, the partnership with Annapurna is designed to expand the Alan Wake and Control franchises into film and television, evolving these IPs into world-class brands. This expansion occurs within a global games market projected to reach $213.3 billion by 2027, positioning the studio to maximize royalty potential and commercial alignment through its new self-publishing capabilities and steady release cadence.
