Remedy Entertainment Revenue Fell 22.2% In 2023

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Remedy Entertainment, the studio behind the Control and Alan Wake franchises, has published its 2023 financial results, and with it came a reported revenue drop of 22.2% for the year.

The company says it’s revenue fell from €43.6 million to €33.9 million. This despite the successful launch of Alan Wake 2 in October.

As far as why the decline in overall revenue, Remedy CEO Tero Virtala says it’s due to “increased investments” in the studio’s games.

“Our full year 2023 revenue and profitability were impacted by significantly increased investments in our own game projects, and the impairment charge related to codename Vanguard,” Virtala said.

“Out of the five games we had in development during the year, we co-financed four that are based on Remedy-owned brands, whereas Max Payne1&2 remake is fully funded by the IP owner and publishing partner Rockstar Games.”

When it comes to the game’s Remedy is working on, Virtala says that Control 2 continued in its proof of concept stage and that the fourth quarter of 2023 was spent working on world building and combat within the game. Codename Condor, and unknown game Remedy is developing, saw development on the combat and game mechanics.

Lastly, Max Payne 1&2 Remake continued in the “production readiness stage” and “made considerable progress throughout the year.”

“We expect Condor, Control 2 and Max Payne 1&2 remake projects to advance to the next stages of development during the first half of 2024,” Virtala said. “With the refined multi-project model in place, increased focus on Remedy core strengths and the dedication of almost 400 Remedians, we are thrilled with a great lineup of upcoming game launches.”

Virtala closed by saying the company “expects its revenue to increase” for 2024, and that a specific outlook for the year will come “when the decision for the business model and the potential agreements for Control 2 and Condor have been made.”

Recently, the company announced that it has acquired full rights to the Control franchise, including Control 2, Condor, and any other future Control games.

What do you think of the state of Remedy Entertainment right now after reporting a revenue drop for 2023? For more Insider Gaming, read about the latest success of Stardew Valley after its most recent update.