Updated Mar 17, 2026 by Remedy Entertainment
Financial · March 1, 2025
Published by Remedy Entertainment
Remedy 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.
REMEDY 2024 STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS CONTENT Remedy 2024 3 Remedy in brief 3 Highlights 2024 4 CEO review 2024 5 Why invest in Remedy 7 Strategy & operating environment 8 Business model 9 Self-publishing 3 11 Two commercial models 12 Two commercial models Strategy 13 Strategy Operating environment 16 Operating environment 16 Games 19 Welcome Games 19 People and culture 29 Sustainability 29 to our world Governance 40 to our world Financials 43 Financials 43
REMEDY 2024 STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS REMEDY Headcount IN BRIEF Historical revenue breakdown 367 Creator of category-defining 2020–2024 (352 at the end of 2023) games with immersive worlds, M€ unique characters, and 50 50.7 memorable stories. 44.7 43.6 5.1 Revenue 40 41.1 8.7 4.3 33.9 50.7M€ Remedy Entertainment is a pioneering, globally renowned video 30 15.0 5.2 game company. Known for games with immersive worlds, memorable characters, interesting stories, polished action gameplay and stunning (33.9 M€ in 2023) visuals. Remedy has created multiple successful, critically acclaimed 20 26.0 36.0 39.3 28.7 45.6 franchises, namely Alan Wake, Control and Max Payne. Remedy also develops its own Northlight game engine and tools technology that powers its games. 10 Employee gender split The company was founded in 1995 and is headquartered in Espoo, Finland, with an office in Stockholm, Sweden. At the end of 2024, 0 74% 25% 1% Remedy employed 367 game industry professionals from 36 different 2020 2021 2022 2023 2024 countries. Remedy’s shares are listed on Nasdaq Helsinki’s main list with the ticker REMEDY. Development fees Royalties Men Women Other
REMEDY 2024 STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS HIGHLIGHTS 2024 2024 was an eventful and very remarkable year for Remedy. Not only did Remedy develop four games with a greater velocity than before but also acquired back Control rights, and announced a strategic partnership with Annapurna and a financing agreement with Tencent. In February, we bought Control 2, FBC: Firebreak (previously Alan Wake 2 expansions were In August, a strategic partnership with In September, a convertible loan from back the rights to Control known as Codename Condor) and launched: Night Springs in June and Annapurna was initiated to support Tencent was signed to enable franchise from 505 Games Max Payne 1&2 remake made steady The Lake House in October, as well self-publishing and expanding our self-publishing of FBC: Firebreak progress throughout the year as a physical version in October franchises beyond games In October, FBC: Firebreak was An updated strategy was presented in Alan Wake 2 sales exceeded Several developments in our ways of announced to be Remedy’s first self- a Capital Markets Day in November and 2 million units and the game working and in Northlight technology published game and to launch in 2025 Remedy set two financial targets by recouped its development fees and tools were made and taken into 2027: double the 2024 revenue and reach and marketing investments use throughout the year an EBITDA margin of 30%
the game working and in Northlight technology published game and to launch in 2025 Remedy set two financial targets by recouped its development fees and tools were made and taken into 2027: double the 2024 revenue and reach and marketing investments use throughout the year an EBITDA margin of 30% Remedy solidified the foundations to enable sustainable, significant commercial success.
REMEDY 2024 STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS CEO REVIEW 2024 ntrol rights The year 2024 was an eventful one for Remedy. Control rights acquisition in February opened us a good opportunity in terms of available future business models but also meant increased financing needs. Throughout the year, we evaluated our options and built the capabilities, partnerships and additional financing that enabled us to move to self-publishing. We also concluded significant longer-term internal developments that support all our games in development. We now have solid foundations for sustainable, significant commercial success during the following years. This can also be seen in our updated strategy for the years 2025-2030, which was presented in our Capital Markets Day in November. vas presented in In 2024 our revenue was significantly higher than a year before and our EBIT improved, being clearly less negative than the year before. Especially in the second half of the year we saw a turn in the financials with a positive EBIT. We did not have new game launches in 2024. Alan Wake 2 sales exceeded two million units during the last quarter of the year, and by the end of 2024, Alan Wake 2 had recouped its development fees and marketing investments, meaning that Remedy started to accrue royalties. stments, A year of major developments
have new game launches in 2024. Alan Wake 2 sales exceeded two million units during the last quarter of the year, and by the end of 2024, Alan Wake 2 had recouped its development fees and marketing investments, meaning that Remedy started to accrue royalties. stments, A year of major developments Large and far-reaching choices regarding Remedy’s future were made throughout the year. As a result of acquiring the Control franchise rights from 505 Games in February, agreeing on a strategic cross-media partnership with Annapurna Pictures in August and taking a convertible loan from Tencent in September, we can move to self-publishing with FBC: Firebreak and Control 2. With the internal developments done over the years, we have been able to develop games with clearly better development velocity than ever before. The games we have in development have significant potential for us. potential for us. As per our strategy 2025-2030, we will launch on average one new game per year and currently focus on four game projects simultaneously. All this is made possible by our exceptionally talented and passionate personnel who are devoted to making amazing games for an expanding fan base of Remedy games. amazing games for an expanding fan base of Remedy games.
The global game publishing market is entering a period of significant expansion, with revenues projected to rise from $117.4 billion in 2025 to $150.5 billion by 2030. This growth is underpinned by a fundamental shift toward digital distribution, which already accounted for 95% of industry revenue in 2023. While traditional publishers maintain a competitive edge through high-budget user acquisition and advanced analytics, the democratization of the industry via platforms like Steam and the Epic Games Store has enabled self-published titles to achieve massive commercial success. Consequently, the industry is moving toward a hybrid landscape where multiplatform launches have increased by 40% to maximize player engagement and revenue potential. Strategic success in the current market relies heavily on closed-loop marketing and data-driven publishing. Developers are increasingly utilizing real-time telemetry and AI analytics to optimize player retention and monetization strategies. This is particularly evident in the rise of Live Service Games, with 95% of studios now developing titles designed for recurring revenue. However, community management and influencer marketing have emerged as equally vital pillars; approximately 40% of gamers now make purchases based on creator recommendations, and social touchpoints drive over 54% of player motivation to continue gameplay. Furthermore, transmedia collaborations, such as television adaptations of gaming franchises, have doubled their share of box office revenues, illustrating the power of cross-media synergy. The monetization landscape is further diversifying through the growth of subscription services and the esports sector. Subscriptions are expected to reach 318 million active users and a $21.6 billion valuation by 2030, while the esports market is projected to hit $87.7 billion in the same timeframe. To navigate this complexity, many developers are adopting publishing-as-a-service models and leveraging AI to manage diverse revenue streams across platforms. Ultimately, the integration of cross-platform development, which can boost revenue by up to 40%, combined with sophisticated digital marketing and community-focused strategies, defines the modern trajectory of the global gaming industry.
The global game publishing market is entering a period of significant expansion, projected to grow from $117.4 billion in 2025 to $150.7 billion by 2030. This growth is underpinned by a fundamental shift toward cross-platform development and the democratization of publishing tools, which has enabled independent titles to achieve massive commercial success alongside traditional publishers. A 40% increase in multi-platform launches reflects a strategic move to maximize player engagement, while the rise of "publishing as a service" models allows smaller studios to access professional marketing and analytical scale without traditional gatekeeping. The industry has almost entirely transitioned to a digital-first model, with digital sales accounting for 95% of total revenue. Marketing strategies now prioritize influencer partnerships and transmedia collaborations over traditional retail channels, as 40% of enthusiasts now make purchasing decisions based on creator recommendations. This digital dominance is further reinforced by the rise of Live Service Gaming, which is expected to reach $18.7 billion by 2030. Publishers are increasingly leveraging real-time AI data analytics and community-building initiatives to sustain long-term monetization and player retention in this competitive landscape. Revenue streams are diversifying rapidly as the market moves away from one-time purchases toward recurring models. While the premium purchase market shows only marginal growth, subscription models are forecasted to surge at a 12.2% CAGR, reaching $21.6 billion by 2030. Additionally, the esports sector remains a high-growth area, driven by sponsorships and media rights. Ultimately, sustainable growth in the modern era requires a player-centric approach that balances technological innovation with community engagement, ensuring that cross-platform strategies and AI-driven monetization can effectively offset rising development costs.
The summer 2024 Xsolla analysis argues that the game‑development ecosystem has entered a phase of unprecedented democratization, driven by low‑cost engines, open‑source tools and third‑party services that lower technical and financial barriers for creators. Unity now powers 38 % of developers, up eight percent year‑over‑year, while Unreal enjoys a ten‑percent growth and Godot records a 69 % surge. More than 40 % of indie studios rely on five or more premade asset packages, and cross‑platform toolchains enable a quarter of developers to launch on PC, console and mobile, reaching the 60 % of players who game across multiple devices. Indie titles generate 29 % of Steam revenue in 2023, up from 25 % in 2018, and the average in‑house backend spend of $21 million is reduced through services such as Xsolla. Emerging studios continue to view market entry as challenging, emphasizing the need for health‑focused initiatives and localized support networks, exemplified by growing ecosystems in regions such as Wisconsin. Gender‑specific preferences reveal that women developers prioritize completion, fantasy and design elements, underscoring the importance of inclusive design considerations. The edutainment segment is projected to expand at a 65‑75 % compound annual growth rate through 2034, with the global MOOC market expected to reach $279.3 billion and 1.12 billion participants by 2029; the United States alone accounts for $87.5 billion in 2024. Concurrently, influencer
The global games market in 2024 is characterized by a period of stabilization and strategic restructuring following the post-pandemic correction. While the industry saw a revenue decline in 2022, recovery began in 2023 and is expected to continue through 2024, driven largely by the expanding install base of current-generation consoles like the PlayStation 5 and Xbox Series X|S. Despite this growth, the year is defined as a lean period for many companies as they navigate high interest rates, reduced investment capital, and a highly competitive landscape where a small number of titles dominate the majority of player engagement. Key findings indicate a significant shift in business models and platform strategies. While live-service games remain the primary revenue drivers, the market is experiencing oversaturation, leading many developers to return to premium, finite gaming experiences. Growth in multi-game subscription services is expected to slow as they face competition from free-to-play social platforms like Fortnite and Roblox. Additionally, mobile developers are increasingly diversifying by bringing their titles to PC to combat rising user acquisition costs and stricter privacy regulations. Major hardware and distribution shifts are also anticipated, including the launch of a new Nintendo console and the introduction of an Xbox mobile store on Android. The scope of this analysis covers global market trends across PC, console, and mobile segments, with revenue forecasting extending through 2026. The methodology combines internal market data and analyst perspectives with a survey of gaming executives and industry experts from companies such as Ubisoft, Iron Galaxy Studios, and Savvy Games Group. Emerging technologies like generative AI are identified as tools for increasing production efficiency, though they are not expected to transform game development at scale within the immediate calendar year. Overall, the industry is moving toward risk-reduction strategies, focusing on established intellectual properties and cross-platform accessibility to maintain stability.