At the end of April, Remedy Entertainment published their business review for the first three months of the year.
As a publicly-owned company, the studio reports internal developments and financials every quarter, providing insight into the progress made by their development teams, alongside their financial standings. While their main audience for those reports are their investors, it also provides the community an opportunity to check in with the studio.
If you've read our previous breakdowns on these reports, you'll probably be very familiar of our setup. In this post, we'll examine the latest internal news and see what's next for the studio. Everything in black is what has been revealed in their previous 2024 Annual Report, with new details written in red.
As always, if you're interested in the numbers, I recommend checking out the reports directly to ensure that you're getting the most accurate data. In our round ups, we look primarily at the company's changes, the projects it's working on, and the challenges and achievements it had in the reported time.
The original report was posted on the Remedy Investors website on April 30th. On the same day, Sanna Kantelinen (Senior Internal Communications Specialist, Remedy Entertainment) hosted a livestream to discuss the publication, alongside Tero Virtala (CEO) and Santtu Kallionpää (CFO). You can watch the full broadcast HERE.
If you've read our previous breakdowns on these reports, you'll probably be very familiar of our setup. In this post, we'll examine the latest internal news and see what's next for the studio. Everything in black is what has been revealed in their previous 2024 Annual Report, with new details written in red.
As always, if you're interested in the numbers, I recommend checking out the reports directly to ensure that you're getting the most accurate data. In our round ups, we look primarily at the company's changes, the projects it's working on, and the challenges and achievements it had in the reported time.
The original report was posted on the Remedy Investors website on April 30th. On the same day, Sanna Kantelinen (Senior Internal Communications Specialist, Remedy Entertainment) hosted a livestream to discuss the publication, alongside Tero Virtala (CEO) and Santtu Kallionpää (CFO). You can watch the full broadcast HERE.
Highlights (Q1 2025)
Revenue. Revenue increased by 24.1% to EUR 13.4 (10.8) million.
FBC Firebreak. Remedy's first self-published cooperative title, FBC Firebreak, will launch on June 17th.
Final Payment. The studio made the final instalment of the payment (approximately EUR 17 million) owed to 505 Games following the purchase of the full rights to Control. (Learn more about the deal, HERE.)
Internal Developments
Max Payne 1&2 Remake. The project is now in full-production mode and making steady progress towards important milestones. At the start of the year, "the team has advanced steadily toward major development stages in several critical areas, working alongside the game’s publisher, Rockstar Games."
Alan Wake 2. By the end of 2024, Alan Wake 2 sold over two million units. It has continued to sell steadily and accrue royalties.
FBC: Firebreak. Formerly "Condor", FBC: Firebreak has reached the full production stage. Remedy will self-publish the game on June 17th 2025 for PC, Xbox Series S|X and PlayStation 5. The studio cites The Future Games Show on March 20th as being the kick-off point for the game's market campaign, with a positive reception to early press previews. The game will also "lead the way as the first in a series of regular game launches, signaling our commitment to a steady cadence of releases."
Control 2. The game entered full production in February, with the team currently "expanding the content from Vertical and Horizontal Slices to the whole game." (This took some researching! A vertical slice is a fully playable portion of a game that can represent the player's experience including core features and mechanics. A horizontal slice is a playable version of the game from start to finish, it might be rough but it represents the scope of a project. Those terms, particularly the latter, can vary depending on the studio and the project.)
State of the Studio
Dev Fees. Development fees increased due to continued work on Control 2 and Max Payne 1&2 Remake.
Royalties. Remedy saw an increase in sales with Alan Wake 2, which has "continued to sell steadily and accrue royalties".
Self-Publishing & Platform Expansion. Included in their self-publishing team are developers who specially work on Remedy's previously released titles. Referred to as "back catalog support" their goal is to help "releasing limited updates for older titles and adapting them for new platforms, such as the Control Ultimate Edition for Mac, developed in collaboration with Apple."
Self-Publishing & Digital Storefronts. Within the self-publishing team are members who focus on the "games' longevity in digital storefronts", maintaining that Remedy's adventures are kept in-mind after the main studio focus has moved onto their next promoted product. While not specifically mentioned, this may be in response to Remedy moving to a yearly release; in the past the distance between launches allowed them to spotlight the game for longer.
Development Progress. FBC: Firebreak, Control 2 and Max Payne 1&2 Remake are all in full production.
Full Production. During the Full Production stage, the game teams will consist of +75 internal developers, with additional external staff (totalling up to 200, depending on the scale). The target duration for this stage is 15-26 months, although that will depend on scope. During this time frame progress is measured in two smaller subgroups; Alpha and Beta stage. In Alpha the team execute the production plan and focus on passing development gates/milestones to ensure on track schedules. In the Beta stage, the team focuses on QA and bugs to improve the player experience.
Alan Wake & Control's Future. On the topic of Alan Wake and Control, the report reiterated the company's commitment to continuing with both owned IPs. The document states that "Growing and expanding the two franchises will be a key part of our future."
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".
