It's only been a month since Remedy's full 2023 wrap-up went live, but we're back again, this time with their newly published Q1 2024 Business Review.
In this post, we'll examine the latest internal news and see what's next for the studio. As we had a report not too long ago, and only three months passed in the reporting period, there are only a few additions this time around, but they're still exciting updates!
If you're interested in the numbers, I recommend checking out the reports directly to ensure that you're getting the most accurate data. In our roundups, we look primarily at the company's changes, the projects it's working on, and the challenges and achievements it had in the reported time.
As always, the original report was posted on the Remedy Investors website and emailed to subscribers on April 29th. In the morning, Tero Virtala (CEO), Terhi Kauppi (CFO), and Liisa Eloranta (Senior Investor Relations Specialist at Remedy) participated in a livestream to discuss the financial results from 2023 and answer shareholders' questions. You can watch the full broadcast HERE.
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As always, the original report was posted on the Remedy Investors website and emailed to subscribers on April 29th. In the morning, Tero Virtala (CEO), Terhi Kauppi (CFO), and Liisa Eloranta (Senior Investor Relations Specialist at Remedy) participated in a livestream to discuss the financial results from 2023 and answer shareholders' questions. You can watch the full broadcast HERE.
Highlights (Q1 2024)
Internal Developments
Alan Wake 2. With 1.3 million units sold, the game has already recouped a significant part of its development costs. Work continues on the Alan Wake 2 DLC packs, which will build on the experience. Remedy is still collecting revenue for Alan Wake Remastered, with interest kindled by the sequel's recent launch. In the Q1 2024 livestream, Virtala stated that there was no news about the Steam version at present.
Condor. In Q3 2023, Condor (Codename) progressed from the proof-of-concept stage to production readiness. It has now moved into full production, with internal playtests providing positive results that "bring a unique Remedy angle to the genre."
Control 2. Previously referred to internally as "Heron". The game continues to be in the proof-of-concept stage, although good progress has been made in the designs and game build. In Q4 2024, the team worked on world-building and combat. The studio is expected to move into production readiness during Q2 2024.
Kestral. In mid-November 2023, Remedy revealed a reboot for the project. It currently remains in the concept stage.
State of the Studio
Revenue. Revenue increased by 56.2% to €10.8 (6.9) million.
Reclaiming the Control IP. In February, Remedy announced that it had purchased the full rights to the Control franchise from 505 Games for €17m, with payment spread throughout the next two years. The first three instalments, totalling €3.8m, have already been made, with additional payments to follow in the latter half of 2024 and 2025. The impacted games included Control, "Condor," Control 2, and any future projects in the franchise. At present, the company is looking into self-publishing and potential publishing partners.
Alan Wake 2 Sales. At the start of February, Remedy had sold 1.3 million units of Alan Wake 2 and had already recouped a "significant part" of the development and marketing expenses.
Production Cheat Sheet:
Condor. Condor is a cooperative, player-verses-environment spin-off game set in the world of Control.
Kestral. Originally codenamed Vanguard, the project received significant changes between the report originally being posted and now with it returning to the concept stage. While still published by Tencent, Remedy described the new project in the press release as being "a premium title, with a cooperative multiplayer element."
Condor. Condor is a cooperative, player-verses-environment spin-off game set in the world of Control.
Kestral. Originally codenamed Vanguard, the project received significant changes between the report originally being posted and now with it returning to the concept stage. While still published by Tencent, Remedy described the new project in the press release as being "a premium title, with a cooperative multiplayer element."
Internal Developments
Max Payne 1&2 Remake. In Q3 2023, the project progressed into the production readiness stage, and is expected to move into full production in the next three months (Q2 2024).
Alan Wake 2. With 1.3 million units sold, the game has already recouped a significant part of its development costs. Work continues on the Alan Wake 2 DLC packs, which will build on the experience. Remedy is still collecting revenue for Alan Wake Remastered, with interest kindled by the sequel's recent launch. In the Q1 2024 livestream, Virtala stated that there was no news about the Steam version at present.
Condor. In Q3 2023, Condor (Codename) progressed from the proof-of-concept stage to production readiness. It has now moved into full production, with internal playtests providing positive results that "bring a unique Remedy angle to the genre."
Control 2. Previously referred to internally as "Heron". The game continues to be in the proof-of-concept stage, although good progress has been made in the designs and game build. In Q4 2024, the team worked on world-building and combat. The studio is expected to move into production readiness during Q2 2024.
Kestral. In mid-November 2023, Remedy revealed a reboot for the project. It currently remains in the concept stage.
State of the Studio
Control IP. In February 2024, Remedy acquired full rights to the Control franchise from 505Games.
Board Members. Markus Mäki, Kaisa Salakka, Sonja Ängeslevä, Henri Österlund and Kai Tavakka were elected to the Board of Directors.
Core Management Changes. Markus Mäki became the Chief Product Officer, and Mika Vehkala was appointed Chief Technology Officer. In April, after the reporting time, it was announced that Christopher Schmitz, the Chief Operations Officer, would step down on May 31st, 2024. In the same press release, the studio announced that Mikael Kasurinen had been appointed as a Creative Director, working alongside Sam Lake.
Tencent. Close to but just outside of the reporting period, Tencent's shares of the company increased above 10% on April 24th 2024.
Recap / 2021-2025 Studio Goals
While the previous few years have been dedicated to strengthening its position as a multi-project developer, the Board has established the key stepping stones that would define success internally going ahead. These goals include:
While the previous few years have been dedicated to strengthening its position as a multi-project developer, the Board has established the key stepping stones that would define success internally going ahead. These goals include:
- To create several successful games, with the goal of at least one major hit.
- To own at least three expanding game brands with "long-term hit potential".
- Strengthening the studio's position to select the ideal distribution for each project (e.g. self-financing, self-publishing, and working with partners).
- Strengthening Remedy's status and value within Europe.
- Maintaining a profitable and growing studio with "well-managed risks".
