Remedy's Revenue Grew 56% Reaching €12.6m in Q1 2022

Remedy Entertainment, the Finnish game development studio, best known for its Max Payne and Alan Wake series, recently released a financial report for the quarter that started January 1 and ended March 31, 2022.

The report reads that the company's revenues for the three months increased significantly (by 55.9% compared to the same period in the previous year) reaching €12.6 million and its operating profit amounted to nearly €2.8 million.

Remedy CEO Tero Virtala attributed the growth in the company's revenues to the increase in development fees. "Codenames Condor and Vanguard as well as the newly announced Max Payne 1&2 remake - project contributed positively to our top line growth versus the comparison period," he noted. "In addition, development fees from Alan Wake 2 grew year-on-year."

He also pointed out that the studio's 2019's game Control fully met the company's expectations saying that the major part of royalties came from sales of the shooter. Speaking of the Alan Wake remaster, Virtala shared that Epic Games, which published the updated version of the game, has not yet covered the costs of production and marketing, so Remedy has not yet had any royalty revenue from the game.

The CEO also reminded fans that the studio is currently working on five major projects – their releases will take place between 2023 and 2025. These titles include Alan Wake 2, the Control sequel codenamed Heron, and its multiplayer spin-off codenamed Condor as well as remakes of the first two Max Payne games, and a shooter codenamed Vanguard.

You can find the full report here. Also, don't forget to join our new Reddit page, our new Telegram channel, follow us on Instagram and Twitter, where we are sharing breakdowns, the latest news, awesome artworks, and more.