The authors Alan Wake and Control are doing well. In 2021, both revenue and operating profit have grown. In addition, she is very optimistic about the near future. It is possible that the best times for the Finnish company are still ahead.
Remedy Annual Results:
- revenue reached €44.7 million (annual growth — 8.9%);
- operating profit (EBIT) amounted to €14.7 million (margin — 32.9%).
Remedy results for the fourth quarter:
- revenue reached €19.7 million (annual growth — 39.4%);
- operating profit (EBIT) amounted to €11.2 million (margin — 56.9%).
As Tero Virtala, Remedy’s CEO, notes in the comments to the annual report, the company’s revenue and profitability have grown significantly over the year thanks to development fees from partners.
As for gaming royalties, they have decreased relative to 2020. The reasons are obvious: firstly, then the company made a large number of business transactions related to Control, and secondly, the latest releases of the company have not yet paid for themselves and, accordingly, have not started earning.
Here we are talking about two projects launched by Remedy only in the fourth quarter of last year: Alan Wake Remastered and a single for Chinese users Crossfire HD. It is unclear how satisfied the company is with them, but Tero notes that both games were warmly received by the audience.
In recent years, the company’s management has been focused on making Remedy able to simultaneously make several high-quality games, as well as on a regular basis to make successful launches with the support of partners. Judging by the results of the fourth quarter, the company has shown that it is capable of this.
Remedy is currently working on three titles on its own IP (two of them on the Control universe):
- Alan Wake 2 — is in active development;
- Condor cooperative multiplayer game (working name) — at the concept verification stage;
- the big—budget blockbuster Heron (working name) has just moved on to the stage of concept formation.
The release window of all three products is the time period from 2023 to 2025 inclusive. But this is not a complete list of studio games. Simultaneously with the work on these titles, Remedy plans to actively support the CrossFireX multiplayer first-person shooter, which the studio has just released (the game was released on February 10).
Given the excellent financial performance, ambitious roadmap, financial support from Epic Games Publishing, Tencent, Smilegate and 505 Games, it is not surprising that the CEO of Remedy declares that the company is stronger than ever.