Remedy's Revenue Dropped 22% In 2023 Despite Alan Wake 2

Remedy Entertainment, the studio behind franchises like Control and Alan Wake, has published financial reports for 2023, which shows a sizeable revenue drop for 2023. According to the reports, there was a 22.2% decrease in revenue for the year, falling to €33.9 million from €43.6 million in the previous year. 

Tero Virtala, the CEO has attributed this decline to increased investments in upcoming projects, including the highly anticipated Control 2 and remakes of the Max Payne series.  

Despite describing 2023 as a "challenging year," Remedy's CEO, Tero Virtala, noted some significant achievements during the period.

The release of Alan Wake 2 in October was highlighted as a significant success for the developer, showcasing their ability to deliver critically acclaimed titles even in difficult times. According to the data revealed by Remedy, it has sold over 1.3 million copies as of the beginning of February 2024. 

In terms of future prospects, Virtala expressed high expectations for the remakes of Max Payne 1 and 2. He stated that these projects "are going to be a major new game with great potential," given they have a similar development budget as Alan Wake 2.

And don't forget the good news that it has acquired full rights to the Control series from publisher 505 Games not long ago. These projects could potentially restore the company's financial health.  

The CEO has expressed a significant amount of optimism for 2024. In his statement, he emphasized that:

You can read the full financial statements here. And don't forget to join our 80 Level Talent platform and our Telegram channel, follow us on Instagram, Twitter, and LinkedIn, where we share breakdowns, the latest news, awesome artworks, and more.