Remedy Sees 129% Revenue Surge in Q3 2024

Remedy has unveiled its Q3 2024 financial report, revealing a substantial 129% increase in revenue compared to the same period in the previous year. Key highlights include: - Revenue: €17.9 million, representing a significant surge - Operating loss: €2.4 million, a notable improvement from the €5.5 million operating loss in the same quarter last year. The revenue boost is largely attributed to the deal with Annapurna, announced in October, where Remedy will finance 50% of Control 2's development costs through a one-time payment. In return, Annapurna acquired full licensing rights for Control and Alan Wake in film, TV, and other media, while Remedy retains the full IP rights for both franchises. Additionally, in September, Remedy received a €15 million loan from Tencent to support its ongoing game development and self-publishing endeavors. The company's revenue was further augmented by development fees for the Max Payne 1 and 2 remake, currently being developed by Remedy and financed by Rockstar. However, Remedy experienced a slight decline in royalties from the continued sales of Control and previous Alan Wake titles. As reported in the previous quarter, Alan Wake 2 has largely recouped its development and marketing expenses but has not yet generated significant royalties. Remedy's games in development are progressing as planned, with Control 2 slated to enter full production in 2025. The Max Payne 1 and 2 remake remains in full production. Last month, Remedy announced its latest title, FBC: Firebreak, previously codenamed Condor. This Control multiplayer spin-off is set to release in 2025 and will be self-published.