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12th February 2022
Remedy's Financial Report [Q4 2021 & Jan - Dec 2021]

Yesterday, Remedy published their financial statement covering the final quarter of 2021, and the year as a whole. In this latest report, the studio discusses progress on the Condor, Vanguard, and Alan Wake 2 projects, and reveals the codename for the bigger-budget Control project currently in the concept stage as "Heron". 

As always, we've taken some notes based on what has been discussed, but if you want to see the original documentation, you can check out the report on the Investor website. Alongside the review, the studio also held a webcast with senior staff which you can watch below:

[Update 15/2/2022: As a quick side note, Helsingin Sanomat has an article in Finnish discussing the studio's move to Nasdaq Helsinki's official list from First North Growth Market Finland. You can read the interview with CEO, Tero Virtala, HERE!]

  • [Q4 2021] Alan Wake Remastered was announced on September 7th for PC (Epic Games Store), PlayStation 5, PlayStation 4/Pro, Xbox Series X|S, and Xbox One. The game was published by Epic Games and released a month later on October 5th. 
  • [Q4 2021] In November, Crossfire HD's story mode campaign, developed by Remedy, was released in China.
  • [Q4 2021] Alan Wake 2 was announced at The Game Awards on December 9th. It id scheduled for a 2023 release on PC (Epic Games Store), PS5 and Xbox Series S|X.
  • In 2021, Control Ultimate Edition was released on PlayStation 5 and Xbox Series X|S.

Internal Developments
  • [Q4 2021] Remedy signed a "global development, license and distribution agreement" with Tencent over the studio's multiplayer title, currently codenamed, "Vanguard". The agreement also allowed Tencent permission to create a mobile title with the IP.
  • [Q4 2021] Both revenue and profitability increased in Q4 2021 (compared year on year), which Tero Virtala (CEO) attributes to development fees from partners particularly from "Vanguard" (Tencent) and Alan Wake 2 (Epic Games Store)
  • [Q4 2021]  "Heron" (the bigger-budget Control game) has progressed into the concept stage. 
  • "Condor" is currently in the proof-of-concept stage. 
  • Alan Wake 2 has progressed into full production.
  • "Vanguard" is currently in the proof-of-concept stage, with the team beginning to expand. 
  • In June, Remedy signed two new agreement with 505 Games for "Condor" and "Heron".
  • In mid-November, Remedy announced a new second studio based in Stockholm, Sweden.
  • A dedicated Crossfire team at Remedy is supporting the launches for CrossfireX (February 10th) and Crossfire HD

State of the Studio
  • In addition to focusing on story-driven single player experiences, the studio is also focusing on two multiplayer "service-based games" which will be longer-lasting adventures. These two games are currently codenamed "Condor" and "Vangaurd", both with co-development and publishing support from big studios.
  • Virtala describes "significant developments" to the Northlight technology, with new and improved methods of collaborating between the Northlight team and game projects. 
  • Game development has proceeded according to plan during the Covid-19 pandemic, and no changes to schedules despite relocating to working from home. 
  • Alan Wake Remastered and CrossfireHD has not recouped its development costs yet by the end of 2021, but it is progressing as planned. 
  • As of December 31st 2021, Remedy has 320 developers.

Recap / 2021-2025 Studio Goals

While many industries financially struggled throughout the pandemic, the gaming industry was one of the few that accidentally thrived, with more people seeking escapism in digital worlds. Throughout the year, Remedy worked on five main games, in fifteen separate projects, across ten platforms.

While the previous few years have been dedicated to strengthening its position as a multi-project developer, the Board has established the key stepping stones that would define success internally going ahead. These goals include:

  • To create several successful games, with the goal of at least one major hit.
  • To own at least three expanding game brands with "long-term hit potential". (The number seems to be a newly public addition compared to previous reports.)
  • Strengthening the studio's position to select the ideal distribution for each project (e.g. self-financing, self-publishing, and working with partners).
  • Strengthening Remedy's status and value within Europe. (In Q3 2021, Remedy announced the launch of a new Sweden subsidiary.)
  • Maintaining a profitable and growing studio with "well-managed risks".


Formerly "Vanguard"

The Crossfire Series

The Control Series

The Quantum Break Series

The Alan Wake Series

The Max Payne Series



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