Remedy Entertainment recaps Q3 of 2023 and shares updates on future projects

The long wait was worth it as Alan Wake 2 is receiving immense levels of positive reception, check out our full review. However, Remedy Entertainment isn’t letting off the gas as their latest blog summarizes the launch reception for Alan Wake 2 then shifts focuses to the future as multiple other titles are planned. You can check out the full financial breakdown here, but CEO Tero Virtala’s comments are the real story.

Alan Wake is now officially back as Alan Wake 2 was launched on October 27, 2023. The fans, Remedians and our partners at Epic have all been eagerly anticipating this cherished project to see the light of the day. The critical reception has been amazing. Alan Wake 2 has been praised for its intriguing storytelling, rich atmosphere, stunning visuals, and impressive technical and artistic achievements. The game is a distinctive and unique take on the survival horror genre, and we are truly honored and humbled by the reception. As the game launched only four days ago, it is too early to draw conclusions on the game’s commercial success. It is clear, however, that fans and critics have appreciated it giving the game a strong basis for good long-term sales.

Looking specifically at the third quarter of 2023, revenue was at a similar level as it was in the comparison period. Development fees were somewhat lower than a year ago, which was mainly due to lower development fees from Alan Wake 2 as the project was nearing its launch. Royalties grew year-on-year driven by Alan Wake Remastered, which recouped its development and marketing investments during the third quarter.

Operating loss was significantly higher than in the comparison period. As communicated earlier, we have been investing more in our ongoing game projects than ever before. In the short term, this has a negative impact on revenue, profitability and cash position.

Control 2 continues in the proof-of-concept stage. The plans for this sequel are ambitious, and we have seen good progress both in the designs and in the game build. We will continue at this stage for the next few quarters.  We focus on proving the identified key elements before moving to the next stage and scaling up the team.

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Condor, a co-operative multiplayer game, has progressed from the proof-of-concept to the production readiness stage. We have acquired valuable insights into developing service-based games and are now in a better position to create a game players can engage with for years.

In Codename Vanguard we are defining the next stages of the project with our publishing partner. At the same time the project is aiming towards completing the proof-of-concept stage by the end of the year.

Max Payne 1&2 remake progressed into the production readiness stage. We have gained clarity on the style and scope of the game, and we have an exceptionally well-organized team working on it. With these accomplishments, we are excited about the project and its future success.

I want to thank all Remedians for their dedication and effort during this quarter. Now that Alan Wake 2 has been launched, the sight is set on advancing our other game projects. All these four projects will benefit from the additional talent transferring from Alan Wake 2 as it will enable the teams to take the necessary steps towards the next stages of development. In addition, we continue enhancing Alan Wake 2 with new updates and developing the two announced expansions to the game. Alan Wake 2 marks the first of many great new game launches enabled by our multi-project model, which we have built over the years.

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