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28th April 2023
Remedy Business Review Q1 2023
[Including Notes]

April is a busy time with reports. It's only been a couple of weeks since Remedy published its Annual Report 2022, but we're back looking at another business review, this time covering the first three months of 2023. 

In this post, all new information related to Q1 2023 will be written in red, with black showcasing previously known information mentioned in the report. 

As with all financial reports, the statement was posted on the Remedy Investors website and sent directly to subscribers via email. Later that day, Tero Virtala (CEO), Terhi Kauppi (CFO), and Veli-Pekka Puolakanaho (Corporate Development Director) took part in a livestream to address the financial results from the first three months of the year, and answer questions from shareholders. You can watch the full broadcast below...

As always, we have a breakdown of what was discussed. Let's get to it...


  • Max Payne 1&2 Remake has moved to the proof-of-concept stage in January.

  • Control 2 also entered in proof-of-concept stage in January.

  • Alan Wake 2 is now in the "last major phase of full production".

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.

Control 2 (previously referred to as "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 project moved into the proof-of-concept stage in January. The report revealed that "the development team has worked efficiently in proving the key elements of what Max Payne is all about and in bringing the game in high quality to today’s consoles and PCs." The team size is expected to group by the end of 2023. 

  • Alan Wake 2In the Q1 report, Remedy revealed that the game is in the final stages of full production. The next stage following this will be to polish the experience. User testing continued over the Summer, with recent feedback looking positive. Virtala writes, "Alan Wake 2 is on its way to becoming a great game and has everyone excited at Remedy. We have started the last major phase of full production to get the game ready for launch later this year." The team is currently at maximum capacity but that will decrease once the workload drops, with developers being relocated to other projects.

  • CondorCondor (Codename) is still remaining at the proof-of-concept stage. Writing about its progress, Virtala states, "we have been able to prove key designs for gameplay and have found new ways to use existing assets and locations from the world of the original Control"

  • Control 2. Previously referred to internally as "Heron". The game entered in proof-of-concept stage in January, with the team working on world-building and gameplay mechanics.

  • Vanguard. Vanguard (Codename) remains in the proof-of-concept stage as the decision was made to extend the timescale for the project. According to Virtala's letter, the focus is currently on "core gameplay and meta game development as well as proving the application of Remedy-style narrative and world building."

State of the Studio

  • Q4 2022. Remedy is co-financing four games out of the five games that are currently in development. One game is fully funded by its publishing partner. In the report, Virtala commented that "this has an impact on our profitability in the short term but will increase the royalty potential for the upcoming years."

Future Predictions 

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

  • Unchanged future predictions. 

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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