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5th December 2023
Remedy Entertainment Q3 2023 Financial Report

The end of October was intense with the launch of Alan Wake 2 on October 27th, and then the publication of Remedy's Q3 2023 on October 31st.

As we were deep in the forest of Bright Falls when the report was released, today we're going to be returning to Q3 2023 report to see what's been going on behind the scenes.

As always, the original statement was posted on the Remedy Investors website and emailed to subscribers. On the same day, Tero Virtala (CEO), Terhi Kauppi (CFO), and Veli-Pekka Puolakanaho (Head of Corporate Development and IR) took part in a livestream to address the financial results from the third quarter of 2023 and answered questions from shareholders. You can watch the full broadcast, HERE.

Achievements (Q3 2023)
  • Alan Wake 2. The team successfully launched Alan Wake 2, which they describe will lay the foundation for the future. The game marks the first under 1) the Remedy Connected Universe and 2) Remedy as a multi-project game studio.

  • Alan Wake Remastered. Alan Wake Remastered recouped its development and marketing investments during Q3 2023.

  • Production Readiness. The Max Payne Remake and Condor have now both progressed to the production readiness stage.

Production Cheat Sheet:

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. Control 2 (previously referred to as "Heron") is the next big adventure set in the world of Control, with publisher 505Games.

Vanguard/Kestral. Originally codenamed Vanguard, the project received significant changes between the report originally being posted and now. A few days after the Q3 report, the project changed its name to "Kestral" and became a premium title with a cooperative multiplayer element. When the report was published, they were still discussing the old project; a free-to-play cooperative game being developed for PC and console using the Unreal Engine. 

Internal Developments

As always, we have a breakdown of what was discussed. All new information related to Q3 2023 will be written in red, with black showcasing previously known information mentioned in the report.

Max Payne Remake. The project has now progressed into the production readiness stage, having "gained clarity on the style and scope of the game".

Alan Wake 2. In Q3 2023, Alan Wake 2 launched to a strong positive critical reception. CEO Tero Virtala stated in his letter that the game also has "a strong basis for good long-term sales." He underlines that as the launch was just days prior to the report, and that it was too early to draw conclusions on its commercial success, but would be a long-lasting source of income. 

Condor. Condor (Codename) has progressed from the proof-of-concept stage to production readiness. Virtala describes that the the team has "acquired valuable insights" in creating service-based games and they are now more knowledgeable in how to create a game that "players can engage with for years."

Control 2. Previously referred to internally as "Heron". The game continues to be in the proof-of-concept stage, although good progress has been made in the designs and game build. The project is expected to remain at this stage for several months, focusing on identifying key elements before proceeding to the next stage of development. 

Vanguard. During the reporting period, Vanguard (Codename) remained in the proof-of-concept stage but is expected to move to the next by the end of 2023. In his letter, Virtala also stated that the team were "defining the next stages of the project with our publishing partner". In mid-November 2023, Remedy would go on to reveal, in agreement with Tencent, that the game would be a premium title with a cooperative multiplayer element and return to the concept stage. With the revisions, the project received the new codename, Kestral.

State of the Studio

Development Fees. Developmental fees were lower this quarter, with work on Alan Wake 2 drawing to an end for many departments. 

Royalties. Remedy continued to receive royalties from Alan Wake Remastered. In the third quarter of the year, the project had recouped its developmental and marketing costs. 

Alan Wake 2 Dev Team. While work will continue with Alan Wake 2 in the form of updates and expansion packs, other developers will move to other projects as they move into the next stages of development. 

Yearly Releases. Previous reports discussed yearly releases from 2023, although with the shifting state of projects, that language has changed. Instead, the studio is focused on major releases in the coming years, with four projects currently in the works. 

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".

  • 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.

  • Maintaining a profitable and growing studio with "well-managed risks".


The Crossfire Series

The Control Series

The Quantum Break Series

The Alan Wake Series

The Max Payne Series




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