Revenue up 49% at Remedy for 2024
pcgamesinsider.bizFinnish games firm Remedy has reported a 49.3 per cent increase in revenue for the 2024 financial year.
The firm claims to have brought in €50.7 million ($52.59 million), a huge increase on the €33.9 million ($35.16 million) that it managed during 2023. Operating profit was €4.3 million ($4.46 million) in the red, but that's a substantial increase on the €28.6 million ($29.67 million) it was in the hole for last year.
Part of this appears to be higher costs for its in-development projects. Alan Wake 2, however, has reportedly hit two million sales so far.
Remedy also reports €12.3 million ($12.76 million) from its operations, a massive increase on the €16 million ($16.6 million) loss it reported last year.
"In the fourth quarter of 2024, revenue increased 13.1% from a year ago to EUR 11.7 million," Remedy CEO Tero Virtala said.
"Development fees increased, driven by higher development fees from Max Payne 1&2 Remake and Control 2. Royalties decreased from the comparison period and consisted mainly of game sales of Control, older Alan Wake titles and Alan Wake 2. Alan Wake 2 sales exceeded two million units during the quarter. By the end of 2024, Alan Wake 2 had recouped its development fees and marketing investments, meaning that Remedy started to accrue royalties towards the end of the quarter. In the fourth quarter, the operating profit was EUR -1.4 million, improving by EUR 11.4 million from the comparison period, in which we had a EUR 7.2 million impairment loss from codename Vanguard."
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