Remedy Entertainment, a Finnish game studio best known for the first two instalments in the Max Payne franchise, Alan Wake, Quantum Break and Control, registered record full-year revenues, up 30% to €41.1 million.
The company's latest financial results reveal that operating profit for 2020 reached €13.2 million, up from €6.5 million in 2019. The unaudited results for July to December 2020, show the company's revenues increased 35% year-on-year to €24.1 million, while operating profit rose to €10.1 million.
The results are remarkable considering Remedy released no new games last year. However, the studio is still reaping the rewards of the critically acclaimed Control, which released new expansions and debuted on new platforms and online retailers, including Steam, Xbox Game Pass, Nintendo Switch and Amazon's Luna service. Remedy and 505 also launched the Ultimate Edition on several platforms.
In December, Remedy announced that Control, which was first released in August 2019, had sold more than two million copies worldwide and that November had been the game's biggest month for sales so far. On February 2, the game launched on Xbox Series X|S and PS5.
According to Remedy CEO Tero Virtala, Control's success showed that "great games have long life cycles." He also promised, "While we continue to support and take Control further, its development team is gradually shifting to work on a new Remedy game."
The studio is currently collaborating with Smilegate on the single-player component for Crossfire and is developing Vanguard, a co-op game that expands upon the "world-building and narrative strengths of Remedy," and also signals the evolution of studio, according to Virtala.
In addition, the studio is partnering with Epic Games on two projects: a AAA game and a smaller-scale game, both for console and PC. Both projects are based on Remedy's own game IP, which the studio will retain rights to. Epic, on the other hand, will provide funding for redevelopment and cover the game’s marketing.
In the future, Remedy hopes to produce "several successful games and at least one major hit game," as well as own "at least three successful, growing game brands, all with long-term hit potential."
Source: GI