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1st November 2022
Remedy's Business Review Q3 2022
[Including Notes]

On October 28th, Remedy published its financial report for the third quarter of 2022. 

In the review, the studio covers the period ranging from the start of January to the end of September. As we've been covering the year as it progresses, we're going to be specifically focusing on Q3 2022 in this post. Click on the following links view earlier reports: Q1 2022 and H1 2022.

In their Q3 2022 review, the studio reflects on their progress; with five game projects currently underway, four of which are IPs owned by Remedy. 

The financial report was posted on the Remedy Investors website, as well as sent directly to subscribers via email. Later that day, Tero Virtala (CEO) and Terhi Kauppi (CFO) took part in a livestream to address the financial results from the past three months, and answer questions from shareholders. You can watch the full broadcast below...

As always, we have a breakdown of what was discussed, check out our notes below...


  • Alan Wake Remastered was released for Nintendo Switch on October 20th, in collaboration with Epic Games.

Internal Developments 

Condor is a cooperative, player-verses-environment spin-off game set in the world of Control. Remedy has partnered with 505Games for this adventure.

Heron is the next big adventure set in the world of Control, with publisher 505Games. 

Vanguard is a free-to-play cooperative game being developed for PC and console using the Unreal Engine. The team has signed a global development license and distribution agreement with global giant, Tencent.
  • Max Payne Remake. The progression of the Max Payne 1&2 remake continues smoothly, developed a small core team within the studio. 

  • Alan Wake 2. Alan Wake 2 is in full production, with the game still slated for a 2023 release. User testing continued over the Summer, with recent feedback looking positive. General sentiments regarding the project are very optimistic in the report. 

  • Condor. Condor (Codename) is remaining in the proof-of-concept stage. Earlier reports indicated progression to the next section of development, but the timeline for the project has since been extended. On the topic, Virtala stated, "these designs are being prototyped and the gameplay already in this early phase feels fun. We are giving the team time to work on a multitude of important game design elements and finalize the key pillars before moving the project to the next development phase."

  • Heron. Heron (Codename) is also still within the concept stage. The team has slightly increased but will remain at roughly the current size for the time being, as concept and protoype for the adventure continues, in collaboration with the Northlight team.

  • Vanguard. Vanguard (Codename) remains in the proof-of-concept stage. In early August, the studio made the decision to extend the timescale for the project, with team expansion due to take place in 2023. As a result, "this will also postpone income from 2022 to 2023, which was one of the main reasons why we lowered our guidance for 2022 in August."

State of the Studio

  • Q3 2022. Revenue grew by 7% to 7.9 million EUR with development fees making up 95% and royalties taking the remaining 5% 

  • Q3 2022. Alan Wake Remastered and CrossfireX did not generate royalties

  • Q3 2022. Development fees from Condor (Codename) and Alan Wake Remastered decreased

  • Q3 2022. Game royalties from Control decreased

  • Q3 2022. "Significantly increased external development expenses" for Alan Wake 2 and Condor impacted the operating profit. 

  • Q3 2022. The studio currently has five games in development (four are owned by Remedy)

  • Q3 2022. Headcount at the studio was averaged at 330 throughout the Q3 period.

Future Predictions 

  • Remedy is planning to release "at least one new game per year from 2023 through 2025, accompanied by additional free and sellable content."

Recap / 2021-2025 Studio Goals

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".


The Control Series

The Crossfire Series

The Quantum Break Series

The Alan Wake Series

The Max Payne Series




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