Although not released, Remedy’s turnover increased to 22.1 million euros in the first half of 2022, compared to 17.5 million euros in the first half of 2021. The thing is, Remedy got funding from Epic Games and Rockstar Games as part of the development of Alan Wake 2 and Max Payne 1&2 Remake.
That’s good, because in addition to Control’s dwindling contributions, the Alan Wake Remastered and CrossfireX games are heading toward failure and have yet to accrue Remedy royalties. Note that development is in full swing for Alan Wake 2, due for release in 2023, while a handful are working on Max Payne 1 & 2 Remake.
Remedy also collaborated with 505 Games on two Control-licensed games. code condorA multiplayer spin-off game is about to go into production. Codename HeronControl’s more ambitious sequel, still in the concept stage, with a smaller number of engagements.
Finally, Remedy relies on Codename Pioneer, a free-to-play multiplayer game jointly published with Tencent Games. But patience is also required here, not only because the game is still in the proof-of-concept stage, but because this phase will last longer than expected. According to the mutual agreement, Remedy and Tencent have decided to postpone the recruitment until 2023. “This will give us time to continue designing and developing key elements of the game before moving on to the next phase of development, even if it means delaying some development costs in the future.“Can we read?
All that said, Remedy may have five projects in the cards, but only Alan Wake 2 is currently in full development. Luckily, hiring is going well, with Remedy seeing as many reinforcements in the first half of 2022 as it did in all of 2021.
Deferred Roadmap Codename Pioneer It also involves money from Tencent Games. As a result, Remedy lowered its full-year 2022 target, expecting revenue to be similar to last year but a sharp drop in profit. In 2021, Remedy will have a turnover of 44.7 million euros and an operating profit of 11.4 million euros. As of June 30, 2022, the studio has €54.6 million in cash.
remedial results
period | turnover | Operating income | net income |
---|---|---|---|
January 2021 – June 2021 | 17.5 million euros | 1.3 million euros | 1 million euros |
January 2022 – June 2022 | 22.1 million euros | 400,000 euros | – EUR 600,000 |