Remedy Entertainment reported its financial results for the third quarter of 2024. We've highlighted the key points.
FBC: Firebreak
- Revenue reached €17.9 million, which is a 128.6% increase compared to the same period last year.
- Operating profit was €6.6 million. In the third quarter of 2023, Remedy ended with a loss of €5.5 million.
- The revenue growth is largely due to a one-time payment related to Control 2. In August, Remedy struck a deal with Annapurna Pictures, which will fund 50% of the game's development and acquire the rights to adapt the studio’s franchises for film or other media.
- Alan Wake 2 has recouped most of its development and marketing costs but is not yet generating royalties. Recall that the game was fully financed by Epic Games, and Remedy will only receive 50% of the net revenue from the project once it is fully recouped.
- This is likely one of the reasons why the studio is actively pursuing a model of self-publishing its own games. This approach will allow them to receive 100% of the proceeds, with project financing coming partly through partnerships with other companies, such as Annapurna and Tencent.
- Currently, Remedy holds the rights to develop games based on its key brands: Control and Alan Wake. The studio plans to publish all future projects based on these IPs.
- This includes Control 2, which will enter active production next year, and the cooperative shooter FBC: Firebreak (release — in 2025).
- Currently, the Max Payne 1-2 remake is the only project in Remedy's pipeline that will be published by an external company. The development is funded by Rockstar.