Despite the absence of releases, Remedy saw its turnover increase to 22.1 million euros in the first half of 2022, compared to 17.5 million euros in the first half of 2021. In question, the money that Remedy receives from Epic Games and Rockstar Games as part of the development of Alan Wake 2 and Max Payne 1&2 Remake.
And that’s good, because besides Control’s dwindling contribution, the Alan Wake Remastered and CrossfireX games are shaping up to be failures and have yet to generate Remedy royalties. Note that the development of Alan Wake 2 is in full swing for a release in 2023 while a small number of people are working on Max Payne 1&2 Remake.
Remedy is also at work on two Control-licensed games with 505 Games. Codename Condorthe multiplayer spin-off, is about to enter production. Codename Heronthe more ambitious sequel to Control, is still in the concept stage with a small number of people involved.
Finally, Remedy relies on Codename Vanguard, a multiplayer free-to-play game co-published with Tencent Games. But here too, patience is required, not only because the game is still at the proof of concept stage but also because this phase will last longer than expected. By mutual agreement, Remedy and Tencent have decided to delay their recruitment until 2023.”This will give us time to continue designing and developing key elements of the game before moving on to the next phase of development, even if it means deferring some development costs in the future.“, can we read.
In summary, Remedy may have five projects in the cards, but only Alan Wake 2 is currently undergoing development at full speed. Fortunately, recruitment is going well, to the point that Remedy welcomed as many reinforcements in the first half of 2022 as during the whole of 2021.
The postponement of the roadmap of Codename Vanguard also involves that of the money of Tencent Games. As a result, Remedy has lowered its full-year 2022 targets and expects revenue similar to last year as well as a significant drop in profit. In 2021, Remedy had recorded a turnover of 44.7 million euros and an operating profit of 11.4 million euros. As of June 30, 2022, the studio has cash of 54.6 million euros.