Remedy Reports Flat Revenue for Q3 2023

Remedy's financial results for the third quarter of 2023 (July to September 2023) revealed a marginal decline in overall revenue. The Finnish game developer recorded a 1.1% decrease in revenue compared to the same period last year, dropping from €7.9 million to €7.8 million. For the nine-month period ending September 2023, revenue declined by 21.1% to €23.6 million. According to Remedy CEO Tero Virtala, the decrease in revenue can be attributed to reduced development fees from Alan Wake 2 as the project neared its launch. However, the company saw a notable increase in royalty revenue, primarily driven by the 2021 release of Alan Wake Remastered, which recovered its development and marketing investments during the third quarter. Following the critically acclaimed launch of Alan Wake 2 on October 27, Virtala expressed optimism about the game's long-term sales prospects, citing positive feedback from fans and critics. Post-launch support for Alan Wake 2 will include a new game plus mode, photo mode, and two paid expansions. Looking ahead, Remedy forecasts a decline in revenue and a negative operational result. The company has several titles in development, including a sequel to Control and remakes of Max Payne 1 and 2. Virtala confirmed that Control 2 is in the proof-of-concept phase, while the Max Payne remakes are nearing production readiness. Additionally, Remedy's co-op multiplayer game Condor has reached production readiness, and Codename Vanguard is on track to complete its proof-of-concept stage by the end of the year.