Remedy posts flat revenue for Q3 2023
Remedy saw a slight decrease in its overall revenue during the third quarter of 2023 (July to September 2023), its latest financial results showed.
The Finnish developer reported a 1.1% drop in revenue, which was similar to the same period last year, going from €7.9 million to €7.8 million.
The report also included revenue for the nine months ended September 2023, which fell by 21.1% to €23.6 million.
Remedy CEO Tero Virtala attributed the decrease in revenue to "lower development fees from Alan Wake 2 as the project was nearing its launch."
The company did see an increase in royalty revenue driven by 2021's Alan Wake Remastered, which regained its development and marketing investments during the third quarter.
Remedy launched the long-awaited sequel to 2013's Alan Wake on October 27 to critical acclaim.
Virtala said that while "it is too early to draw conclusions" on the success of Alan Wake 2, "it is clear that fans and critics have appreciated it, giving the game a strong basis for good long-term sales."
Alan Wake 2 will be supported post-launch by a new game plus and photo mode followed by two paid expansions.
Looking ahead, Remedy expects "its revenue to decline from the previous year and its operation result to be negative," Virtala said.
In the long-term, Remedy has several titles in development including a sequel to Control and remakes of Max Payne 1 and 2.
Virtuala confirmed that Control 2 is in the proof-of-concept stage, while the Max Payne remakes are "in the production readiness stage."
Remedy's upcoming co-op multiplayer Condor has moved to the "production readiness stage," while Codename Vanguard is "aiming towards completing the proof-of-concept stage by the end of the year."
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