Alan Wake

Remedy Entertainment Annual Report 2024

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.

• 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.
• The 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.
• The studio aims to double 2024 revenue by 2027 while achieving a 30% EBITDA margin through a disciplined six-stage production pipeline.

Major Gaming Industry Shifts: Steam’s Strength, PlayStation’s Showcase, and Financial Highlights

The briefing outlines recent shifts in the global gaming market, focusing on digital distribution dominance, platform announcements, and publisher financial performance.

• Steam remains the dominant PC storefront with 132 million active users in 2023, significantly outperforming competitors through its mature ecosystem and library size.
• Financial performance across major publishers is polarized: Remedy Entertainment revenue grew 49% to €34 million, and Konami revenue rose 32% to $1.6 billion, while Ubisoft and Embracer Group reported revenue declines of 31% and 22% respectively.
• Konami’s financial growth was bolstered by the success of the Silent Hill 2 Remake, which sold 2 million copies.

Remedy Entertainment 2024 Financial Results

Remedy Entertainment’s 2024 financial results signal the beginning of a strategic growth era for the Finnish developer, characterized by a significant revenue increase and the successful recoupment of development and marketing costs for Alan Wake 2.

• Remedy Entertainment reported 2024 revenue of €50.7 million, a 49.3% year-over-year increase, while narrowing its operating loss to €4.3 million from €28.6 million in 2023.
• Alan Wake 2 has surpassed 2 million copies sold, successfully recouping its development and marketing costs and triggering royalty payments to Remedy from Epic Games.
• Remedy aims to double its 2024 revenue by 2027 with a target EBITDA margin of 30%, projecting a return to positive operating profit in 2025.

Remedy Entertainment Financial Statements Release 2024

Remedy Entertainment achieved a significant financial turnaround in 2024, characterized by a 49.3 percent surge in annual revenue to EUR 50.7 million.

• Remedy Entertainment increased annual revenue by 49.3 percent to EUR 50.7 million in 2024, driven by the sale of over two million units of Alan Wake 2.
• The company narrowed its net loss to EUR 3.6 million in 2024, a significant improvement from the EUR 22.7 million loss reported in 2023.
• Operational cash flow turned positive at EUR 12.3 million, marking a recovery from the negative cash flow recorded in the previous fiscal year.

Remedy Capital Markets Day 2024: Remedy’s Games and Self-Publishing

Remedy Entertainment is transitioning toward a self-publishing model to capture greater financial upside and maintain creative control over its intellectual properties.

• Remedy Entertainment is shifting to a self-publishing model to increase financial upside and maintain creative control over its intellectual properties.
• The Alan Wake franchise has reached 15 million players, with Alan Wake 2 selling over 1.8 million units and maintaining a 40% completion rate.
• The Control franchise has achieved 19 million lifetime players with 4.5 million units sold.

Remedy Capital Markets Day 2024: Creative Ambitions

Remedy Entertainment focuses on establishing a distinct market position by prioritizing iconic, accessible, and engaging gaming experiences.

• Remedy Entertainment is positioning itself as a leader in the premium action-adventure segment by focusing on mature, narrative-driven titles that blend familiar settings with supernatural elements.
• The studio’s core creative strategy centers on high-quality storytelling, character development, and emotional depth to ensure its games resonate with a broad, global audience.
• The Alan Wake and Control franchises serve as the primary pillars of the studio's current output, consistently achieving high critical acclaim and major industry awards.

Remedy Capital Markets Day 2024: Portfolio and Production

Remedy Entertainment is transitioning toward a self-publishing model, necessitating a strategic shift in portfolio management and production efficiency.

• Remedy Entertainment is transitioning to a self-publishing model, requiring a strategic shift toward more rigorous project steering and production efficiency.
• The studio operates a multi-project model supported by 365 internal staff and over 250 external contributors, all utilizing the proprietary Northlight engine.
• A new five-phase stage-gate framework mandates strict alignment on scope, cost, and schedule before scaling team sizes to mitigate financial and creative risks.

Remedy Capital Markets Day 2024

Remedy Entertainment’s 2024 Capital Markets Day outlines a strategic pivot toward sustainable, profitable growth by transitioning into a self-publishing entity while leveraging its established portfolio of high-quality, narrative-driven action games.

• Remedy is transitioning to a self-publishing model for its core intellectual properties to capture a larger share of sales and long-term financial upside.
• The company aims to transform the Control and Alan Wake franchises into multi-medium, world-class entertainment brands by 2030.
• The current development pipeline features three major projects: the multiplayer title FBC: Firebreak, the sequel Control 2, and the Max Payne 1 & 2 remake.

Remedy Entertainment Q3 2024 Business Review

The Remedy Entertainment Q3 2024 Business Review outlines a period of significant financial growth and strategic transition for the studio.

• Remedy Entertainment reported a 128.6% revenue increase to EUR 17.9 million for Q3 2024, achieving a positive operating profit of EUR 2.4 million.
• The studio is pivoting to a self-publishing model, having consolidated full intellectual property rights for the Alan Wake and Control franchises.
• A new partnership with Annapurna Pictures will co-finance the development of Control 2, while also facilitating film and television adaptations of the studio's IP.

Remedy Entertainment Plc: Business Review January-September 2024

Remedy Entertainment’s business review for the first nine months of 2024 highlights a strategic transition toward self-publishing and the strengthening of its internal intellectual property portfolio.

Remedy Half-Year Financial Report: January-June 2024

Remedy Entertainment’s half-year financial report for the period ending June 30, 2024, outlines a period of revenue growth and improved profitability driven primarily by development fees from the Max Payne 1 and 2 remake project.

Remedy Entertainment Half Year Financial Report: January–June 2024

Remedy Entertainment experienced a period of strategic transition and financial growth during the first half of 2024, characterized by a 33.7 percent revenue increase to EUR 21.1 million.

• Remedy Entertainment reported a 33.7% revenue increase to EUR 21.1 million for the first half of 2024, driven by the Alan Wake 2 expansion and ongoing Max Payne remake development.
• The company recorded a net loss of EUR 4.2 million for the period, reflecting the high operational costs associated with scaling its portfolio of high-budget titles.
• Remedy’s balance sheet shows a cash position of EUR 22.4 million against EUR 25.0 million in liabilities, necessitating the liquidation of most equity fund investments to maintain liquidity.